Fleet Financing Startup Coast Raises $40M Following Record Growth and Client Expansion

Reputable financial technology company Coast has secured $40 million in fresh funding only four months after closing a $25 million round, underscoring the startup’s continued expansion. Coast provides fleet managers an all-in-one expense management platform tailored specifically for businesses operating vehicle fleets.

The Series B round was led by prominent venture capital firm ICONIQ Growth and included participation from Coast’s existing backers such as Accel, Insight Partners and Avid Ventures. Synchrony, a major financial services corporation, also contributed via a separate strategic investment. With this latest capital infusion, Coast’s total funding to date stands at nearly $100 million.

Coast targets SMB fleet operators across sectors like construction, transportation, and government. It offers these companies a financial services platform built around a commercial charge card optimized for fleet purchases and operations. Coast claims to have already onboarded thousands of customers and issued over 100,000 cards. The company grew its annual revenue and payment volume approximately 10-fold in the past year and a half, though specific figures were not provided.

Funds will support Coast’s continued product development like accounts payable automation and bill payment tools. It also plans to bulk up staff from around 65 currently to approximately 85 by year’s end. The CEO remarked the round ensures adequate funding given ambitious growth goals and financial market uncertainty. Coast also recently launched a mobile app focused on expense tracking and job costing for its clients.

Looking ahead, Coast aims to deepen relationships with existing customers and onboard more medium-sized fleet businesses. Non-fuel spend on its platform has also risen, now comprising over 30% of total usage. With its differentiated offering and ongoing momentum, Coast appears well-positioned to sustain its breakneck expansion in the growing but complex fleet financing sector.