Coast provides commercial charge cards and expense-management software tailored to fleet operators and their employees, positioning itself against spend-management firms like Ramp and Brex. The company recently released a mobile app to track receipts, match job codes and verify transactions. Coast plans to use new capital for product and partnership development, including accounts payable automation and bill payments services. It charges a $4 monthly subscription per actively used card and earns interchange fees from merchants. Coast says it has issued over 100,000 cards and serves thousands of businesses across service industries, government fleets and long-haul trucking. The startup has about 65 employees and plans to grow to roughly 85 by year’s end. Coast builds expense management software and a commercial charge card focused on businesses that operate fleets and field personnel, such as trucking, HVAC, plumbing, landscaping and last-mile delivery. The platform links accounting tools with vehicle telematics and fleet‑management software and uses SMS-based mobile sign-in to improve security and data quality for drivers and managers. Coast makes money from merchant interchange fees and a $4 per‑month subscription fee for each actively used card, and it offers fuel and partner rebates (including a 2¢ per‑gallon rebate). The company says it has thousands of customers, about 60 employees, and saw roughly 550% growth in annualized revenue and payment volume in 2023. Coast plans to expand its capabilities and offer a wider range of financial products to fleet operators and is actively hiring. Coast has built an expense management platform and commercial charge card designed for businesses that operate vehicle fleets, offering fine-grained visibility and controls at the driver and vehicle level. The product includes interchangeable physical cards, SMS-based mobile sign-in and data collection, and a Visa Fleet card program enabling payments wherever Visa is accepted in North America. Coast earns revenue from interchange fees and a $2 monthly subscription per active employee card user, and it offers a 2¢ rebate per gallon. The company targets small and medium-sized fleets across trucking, home services, delivery and other industries, and its software can scale to larger enterprise fleets. Coast plans to use the new funding to expand platform capabilities and broaden its product line beyond fuel into other on-the-road commercial spend categories such as parking and maintenance. The team has grown to around 20 employees (from three a year ago) and plans to expand to about 60 by year end. Coast builds payments and expense-control products for fleet businesses with the mission of becoming the financial platform for the future of transportation. Its first product, launching later this year, is a commercial fuel charge card that can be used as a physical driver card or a shared in-vehicle card and enforces fleet policies via rapid rule checks to flag potentially fraudulent transactions. Fleet managers use Coast's web portal to assign drivers and vehicles, set granular policies (who can purchase what, how much and when), and receive reporting and alerts; fleets will pay their Coast balance in full monthly. The company plans integrations into major accounting and telematics platforms to provide actionable spending insights and intends to expand into more categories of fleet spending over time. Coast was founded by Daniel Simon and former Lyft exec Andrew Woolf; Simon sold his prior company Bread for over $500M last year. The company announced an oversubscribed $6 million seed financing led by Better Tomorrow Ventures with participation from several VCs and more than a dozen angels.

Total raised

$166M

Funding rounds

5

Latest round

Series B

Latest activity

Jul 2024