By PYMNTS | October 22, 2026
Financial technology firm Coast announced in a Thursday (Oct. 22) press release that it has raised $35 million in a new growth equity funding round to expand its payment and expense management platform built for physical economy businesses.
Thomvest Ventures led the growth round. New investors Intuit Ventures, Small World Capital and Alpha Square Group joined returning backers ICONIQ Growth, Accel and Insight Partners. Coast plans to allocate the fresh capital toward expanding its customer reach and will also develop artificial intelligence (AI)-enabled expense automation, accounts payable (AP) products and bill payment tools.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
Coast initially launched with a commercial fuel card before broadening into corporate cards, expense tracking, AP and bill pay. The software is tailored for field-based trade sectors such as construction, HVAC, electrical and plumbing, as well as landscaping, transportation and public utilities. The platform integrates vehicle location data, telematics and driver identification to provide line-item controls, automated purchase reconciliation and detailed job costing features for finance teams. The company also maintains embedded software partnerships with fleet management providers, including Samsara and Fleetio, allowing operators to monitor driver activity and card usage within a single interface.
“The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work,” Daniel Simon, founder and CEO of Coast, said in the announcement. “Coast is that platform. We’re excited to deepen our partnership with Thomvest, who first backed Coast in 2024, and to welcome Intuit Ventures, a deep integration partner that’s a critical part of so many of our customers’ businesses as they grow.”
The capital raise reflects a broader trend across the commercial payments sector, where financial technology providers are racing to modernize expense management for field operations.
PYMNTS reporting has highlighted an industry-wide shift away from legacy fuel cards and generic corporate cards toward integrated payment platforms. For example, Cardlay joined the Visa Ready program to offer embedded spend management, automated data capture and policy enforcement tools for commercial fleet cards.
Another report on vehicle-based payments firm Car IQ detailed how fleets are adopting real-time controls that leverage vehicle telematics, location tracking and fuel pricing data to block high-cost stations before transactions occur. Together, these developments illustrate how card issuers, FinTechs and fleet management providers are merging payment processing with operational data to build centralized financial operating systems.