I am pleased to share that Coast has raised $35 million in new funding, led by Thomvest Ventures, joined by new investors Intuit Ventures, Small World Capital, and Alpha Square Group, with participation from our existing investors—ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund.
I’m excited to be deepening Coast’s partnership with Thomvest, with whom I’ve been working closely since their first investment into Coast in 2024. Having Intuit Ventures on board brings us closer to a deep integration partner that is a critical part of the lives of so many of our customers as they grow their businesses.
The AI data center boom is pulling construction, HVAC, electrical, utility, and transportation into overdrive. Job postings for HVAC engineers rose nearly 78% since 2022, with openings for electricians, welders, and construction specialists up 30%.
As these industries grow, the businesses are getting more complex. But the tools they rely on haven’t evolved. Most are still forced to piece together generic corporate cards, banking, and fleet tools that weren’t designed for how physical economy businesses actually operate.
Coast is the financial platform built for the physical economy: construction, HVAC, plumbing, landscaping, electrical, pest control, solar, transportation, energy, oil and gas, utilities, and more. We started with America’s top-rated fuel card, then expanded into corporate cards, expense management, and bill pay, all designed for how these businesses actually operate.
Our industry focus brings customers controls and data that go far beyond a typical corporate card: vehicle- and driver-level visibility, telematics-enabled controls, fuel grade and gallon-level detail, job costing, and payments for trade-specific workflows and fuel, field, supplies, and office needs. This vertical depth extends to accounting, with integrations that automate reconciliation and coding for finance teams in the physical economy. Taken together, the Coast platform saves a customer tens of thousands of dollars and weeks of work that could instead be spent growing their business.
Coast has grown at breakneck speed. Now, we’re expanding Coast into a broader financial operating system for the physical economy. Besides accelerating Coast’s reach to more of these customers, this round will also fund key investments:
- AI-powered savings and field services expense management automation. Drivers are guided to fueling and purchases that will be the most efficient for the company. Approvals and reconciliation happen automatically, not by hand, connected to all of the systems that matter to our customers’ businesses.
- A wider approach to payments and finance, with new products for Bill Pay, Accounts Payable (AP), and much more. Now, vendor invoices can move onto the same platform as all card spend. This brings one consolidated view of money going out the door and creates a platform for more AP products. Looking further, Coast’s roadmap is long, as we build a full financial services suite for physical economy businesses.
- Embedded partnerships. Coast is partnering with telematics, fleet management, and field services management providers to bring controls even closer to where fleets already operate. Customers can already manage Coast card controls inside platforms including Samsara and Fleetio using telematics data like vehicle location, driver identity, and odometer readings. That means an operator can spot an off-route fuel purchase, flag potential misuse, or shut off a card without leaving the system they already use to run the fleet. Coast is the payments layer that lives naturally within platforms that are already core to physical economy businesses’ day-to-day operations.
The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work. Coast is that platform, and we’re hard at work building on it.
