Coast raises $35M to expand beyond fleet cards

What happened

Coast raised $35 million in growth equity led by Thomvest Ventures, with Intuit Ventures, Small World Capital and Alpha Square Group participating. The company plans to expand from fleet and fuel cards into expense management, accounts payable and embedded financial services.

Why it matters

Businesses operating vehicles, field workers and job sites have different payment and control needs from desk-based companies. A platform designed around those workflows could reduce fraud, simplify reconciliation and give operators a clearer view of spending across distributed teams.

The bigger picture

Fintech is becoming more vertical as startups combine payments, software and industry-specific data. Coast is targeting construction, transport, plumbing and other physical-economy sectors. Its opportunity is to deepen the customer relationship without making the platform so broad that it loses the focused product that attracted users initially.