Coast, a New York company that sells company cards and spending tools to businesses whose staff work in the field, has raised $35m in growth equity. The company announced the round on 22 October 2026.
Thomvest Ventures led the round. Intuit Ventures, Small World Capital and Alpha Square Group joined as new investors, according to the company's release. Existing backers ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR and The Fintech Fund also took part. Fortune, which reported the round the same day, named the same lead and returning investors but did not mention Alpha Square Group or Colle Capital.
Coast declined to disclose its valuation, Fortune reported. The publication said the round closed in October.
“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, Coast
What Coast does
Coast started with a fuel card and has since added corporate cards, expense management and bill payment. Its customers work in construction, heating and air conditioning, plumbing, landscaping, electrical work, pest control, solar, transport, energy, oil and gas, and utilities.
The company says its cards give owners more detailed controls than a general corporate card. These include spending limits and visibility by vehicle and driver, controls linked to telematics data, records of fuel grade and gallons bought, and job costing. It also connects to accounting software to automate reconciliation and coding. Through partnerships with fleet and field-service software makers including Samsara and Fleetio, operators can use vehicle location, driver identity and odometer readings to flag a fuel purchase made off route or switch off a card from inside the software they already use.
Fortune reported that Coast serves thousands of businesses, among them Tristate Plumbing, Texas Solar Outfitters and Verde Property Services, and that the company puts the size of its market at $120bn. Chief executive Daniel Simon told Fortune that these businesses need specialised controls, security, visibility and reporting that general tools do not provide.
What the money is for
Coast said it would use the funding to reach more customers and to invest in AI-based expense automation, new bill pay and accounts payable products, and embedded partnerships with the fleet and field-service platforms its customers use. The bill pay and accounts payable products are meant to put supplier invoices on the same platform as card spending, so that customers can see all outgoing payments in one place. The company described this as a first step towards a wider set of financial services for the sector.
The company pointed to demand for skilled trades as a reason for the push. Its release cited figures showing job postings for HVAC engineers up nearly 78% since 2022 and openings for electricians, welders and construction specialists up 30%, which it linked to the building of AI data centres.
Simon said in the release that Thomvest first invested in Coast in 2024 and described Intuit Ventures as an integration partner used by many of its customers. Don Butler, a managing director at Thomvest Ventures, said software that controls payments and credit inside the workflows of specific industries was one of the most important changes under way in financial services, and called Coast a leader in that area.
The company and its funding so far
Simon founded Coast in 2020, according to Fortune. He began his career building trading software for investment banks and hedge funds, later studied law and business at Yale, and in 2020 sold his earlier payments start-up, Bread, for $500m, the publication reported.
Coast has about 135 employees across its New York headquarters and an office in Utah, Fortune reported. The company is not yet profitable and says it is putting revenue back into its products and into winning customers. It did not disclose revenue.
Before this round Coast had raised a $40m Series B and an earlier round of $92m, according to Fortune. The article did not give dates or lead investors for those rounds, and neither source gave a total for all the money the company has raised.
Company website: coastpay.com