TLDR:
- Coast, a company based in New York, raised $40 million in Series B funding led by ICONIQ Growth.
- The funding will be used to accelerate product development, expand to other financial services needs, and grow the team.
Coast, a New York-based company that offers a smart way for companies in the United States to manage fuel and fleet spending, raised $40m in Series B financing. The round was led by ICONIQ Growth, with participation from existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, as well as new investors Thomvest. ICONIQ Growth General Partner Yoonkee Sull has joined Coast’s board of directors as part of the new funding. Coast provides B2B card payments infrastructure solutions for the US 500,000 commercial fleets, 40 million commercial vehicles, and many million commercial drivers. Its fleet payments are enabled by mobile technology and state-of-the-art vehicle data and telematics. Thousands of businesses are now using them.
The company intends to use the funds to accelerate its product and partnership development, including expanding to other financial services needs of its business customers, such as accounts payable automation and bill payments, and adding to its growing list of integration partners. The company will also continue to grow its team, including at its newly established second headquarters in Utah. Coast was founded and is led by Daniel Simon, who previously co-founded digital payments platform Bread, which was acquired by Alliance Data Systems for more than $500 million in 2020.
Coast also announced a strategic investment from Synchrony, an important player in consumer financial services. This new investment and the Series B funding will position Coast for further growth and expansion in the financial services industry.
