Coast Raises $40M Series B for Fleet Card and Expense Platform
Coast raised $40 million in Series B financing on Jul 18, 2024, led by ICONIQ Growth. Existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures participated, with Thomvest joining as a new investor. Synchrony, a consumer financial services company with a presence in the aftermarket auto segment, made a separate strategic investment.
ICONIQ Growth General Partner Yoonkee Sull joined Coast's board as part of the round. The Series B brings Coast's total equity financing to nearly $100 million, following a prior round of $92 million in debt and equity. Coast provides fuel and fleet expense management tools for U.S. businesses operating commercial fleets, a market the company values at $120 billion in annual card spend.
Revenue grew more than tenfold over the 18 months preceding the announcement.
- Vertical SaaS platforms increasingly embed financial services to deepen customer lock-in and capture more of the SMB financial stack
- Synchrony's participation signals traditional card issuers seeking exposure to embedded B2B card programs via fintech partnerships