New York-based startup Coast has raised $35m for the launch of a payment platform designed to support companies working in the physical economy.
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The funding was led by long-term backer Thomvest Ventures along with new investors Intuit Ventures, Small World Capital, and Alpha Square Group and its existing investors.
Coast is a payments platform designed for sectors such as construction, HVAC, lanscaping, transportation, oil and gas and more,
After beginning with fue cards, the company expanded into corporate cards and bill pay.
According to founder and CEO Daniel Simon, the new funding will be used for three initatives - AI-powered savings and field operations; a wider approach to paymwents and finance; embedded partnerships with telematics, fleet management and other service provders.