US Fintech Coast Raises $92 Million to Enhance Product Development

70

Coast, a fintech company based in New York, has secured $92 million in a combination of equity and debt capital to bolster its product development initiatives. Among the investors contributing to the $25 million equity capital raise are existing backers such as Accel, Avid Ventures, Better Tomorrow Ventures, BoxGroup, and Insight Partners, alongside new participant Vesey Ventures.

Additionally, Coast has obtained $67 million in committed debt capital from TriplePoint Capital and Silicon Valley Bank.

Specializing in expense management solutions, Coast offers a platform that provides fleet managers with real-time data sourced from onboard computers installed in company vehicles and employees’ mobile devices. This enables businesses to authorize and monitor fuel transactions, facilitating efficient management of fuel expenses.

Moreover, Coast issues B2B fuel cards through Celtic Bank, enabling seamless payment for fuel purchases.

With the fresh funding, Coast plans to advance its product development efforts and expand its support for business expenses beyond fuel. The company also aims to accelerate its market expansion initiatives, including the establishment of a second site in Salt Lake City, Utah.

Additionally, Coast has partnered with Visa, a global leader in paytech, to broaden its service offerings. Veronica Fernandez, SVP of North America and head of Visa commercial solutions, emphasized the potential of this collaboration to enhance security, control, visibility, and reporting for fleet operators across various vehicle types, including both gas and electric vehicles.