Coast, a NYC-based company which offers a smart way for companies to control fuel and fleet spending, raised $27.5m in Series A financing.
The round was led by Accel and Insight Partners with participation from existing investors Avid Ventures, Better Tomorrow Ventures, and BoxGroup, as well as a number of prominent angels. Amit Kumar from Accel will be joining Coast’s Board of Directors, and Rebecca Liu-Doyle from Insight will join the Board as an observer.
The company is backed by founders of Affirm, Convoy, Flexport, Marqeta, Plaid, Socure, and others. The company also announced its collaboration with Visa to launch a Visa Fleet card program, enabling Coast Visa Fleet cardholders to make payments at North American merchants wherever Visa is accepted.
The company intends to use the funds to expand the platform’s capabilities and offer a wider range of financial products to fleet operators. This will include integrations into accounting tools for ease of managing finances and reconciliation, and telematics and fleet management software to provide real-time data on vehicle status and location, so companies can have actionable spending insights that can connect their transaction data with information about their vehicles in the real world. The company will also continue to scale its team, and is actively hiring for positions across engineering, product, sales, marketing, and customer service.
Led by Daniel Simon, founder and CEO, Coast provides a platform that allows fleet managers to set spend limits, issue cards, and authorize payments in seconds. Operators can see where and when their vehicles are being used, get alerts about suspicious transactions, and can freeze a card in one click on the Coast dashboard. Coast can be used anywhere Visa is accepted, and every transaction is approved almost instantly and can be seen in the dashboard, eliminating the need for drivers to spend their downtime submitting expense reports or seeking reimbursement.
FinSMEs
17/02/2022