US-based fleet and fuel expense management firm Coast has secured $92m in a new funding round to expand the company’s financial tools and software for modern business fleets.
The financing round comprises $25m in equity capital led by existing investors including BoxGroup, Insight Partners, Accel, Avid Ventures, and Better Tomorrow Ventures along with new investor Vesey Ventures.
Coast also raised $67m in committed debt capital from TriplePoint Capital and Silicon Valley Bank.
The new capital will enable the Coast team to focus on product development, adding new integration partners and supporting businesses’ expenses beyond fuel.
Besides, Coast aims to expedite its go-to-market capability with the new funding.
The fleet and fuel expense management company has also announced a partnership with digital payments firm Visa to accelerate its fleet offering.
Celtic Bank issues Coast cards under license from Visa U.S.A.
Visa commercial solutions North America Head and senior vice president Veronica Fernandez said: “With Coast’s platform and Visa’s advancement in fleet, together we can provide more security, control, visibility, and reporting to all kinds of fleet operators, for all of their vehicles, both gas and electric.”
Established in 2020, Coast transforms the fleet payments product category by leveraging mobile technology, cutting-edge vehicle data, and telematics.
The company’s software offers fleet managers robust policies and controls which they can tailor to the on-the-job requirements of various employees and vehicles in their fleets.
It utilises real-time information that employee drivers deliver through their phones and data from the onboard computers of company vehicles to authorise or flag transactions.
Coast founder and CEO Daniel Simon said: “Coast is the financial platform for the future of transportation and the trades.
“We are building a holistic expense management and finance platform for fleet-operating businesses. We’re now well-positioned to expand our product and get it in the hands of more fleet operators and drivers.”