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.
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.
Founded and 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 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.
Coast also announced a strategic investment from Synchrony, a consumer financial services company delivering a digitally-enabled product suite across diverse sectors.
FinSMEs
18/07/2024