Coast Secures $35 Million Growth Round to Expand AI-Powered Financial Operating System for the Physical Economy

Coast, the financial platform designed specifically for the physical economy, today announced a $35 million growth equity round led by Thomvest Ventures. The round also brought in new participants Intuit Ventures, Small World Capital, and Alpha Square Group, with continued support from existing investors including ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund. The financing will accelerate Coast’s expansion beyond its current offerings into a broader financial operating system tailored to the nuances of sectors like construction, HVAC, electrical, plumbing, landscaping, and transportation.

Coast plans to deploy the capital toward customer acquisition and the development of AI-powered expense automation, enhanced Bill Pay and Accounts Payable capabilities, and embedded partnerships with fleet and field-service platforms already used by its customers. The company highlighted several indicators of growth in the physical economy, noting rising demand for skilled trades and a need for more integrated financial tools that align with how these businesses operate. “The millions of field-based businesses that keep the physical economy moving have been underserved by financial software for decades,” said Daniel Simon, Coast’s Founder and CEO. “Coast is the platform built around their workflows. We’re excited to deepen our partnership with Thomvest, who backed Coast in 2024, and to welcome Intuit Ventures as a strategic integration partner that complements our customers’ growing needs.”

Coast emphasizes a data-rich, operation-centric approach that goes beyond traditional corporate cards. The platform provides vehicle- and driver-level visibility, telematics-enabled controls, fuel-level detail, job costing, and payments across vendor invoices, fuel, and field and office supplies. It also integrates with accounting systems to automate reconciliation and coding, reducing administrative overhead and enabling faster growth for customers. New capabilities announced with the funding include Bill Pay and Accounts Payable features that bring vendor invoices into Coast’s unified platform alongside card spend, delivering a single view of all cash outflows. The company is pursuing deeper collaborations with telematics and fleet-management partners to enable real-time controls—such as stopping an off-route fuel purchase or restricting a card—without forcing operators to switch software. “Coast is reshaping financial software for the physical economy by embedding payments and credit controls into the verticals that run these businesses,” said Don Butler, Managing Director at Thomvest Ventures. “This is one of the most meaningful shifts in financial services, and Coast stands out as a leader in both payments control and workflow integration.”

Coast’s platform is designed to help companies optimize spend, improve reconciliation accuracy, and streamline field-to-finance workflows. By connecting vehicle data, driver identity, and odometer readings with job costing and vendor payments, Coast aims to deliver tens of thousands of dollars in savings and weeks of time savings for customers—time that can be reinvested into business growth. In addition to its core modules, Coast collaborates with fleet and telematics providers to enhance visibility and control across a customer’s entire financial process. The company’s broader mission is to become the go-to financial operating system for the physical economy, supporting industries from construction and utilities to energy and transportation.

About Coast: Coast is a financial platform built for the physical economy, serving sectors including construction, HVAC, plumbing, landscaping, electrical, pest control, solar, transportation, energy, oil and gas, and utilities. Originating with a top-rated fuel card and expanding into corporate cards, expense management, Bill Pay, and Accounts Payable, Coast offers granular controls, job costing, and accounting integrations. Coast is backed by ICONIQ Growth, Accel, Insight Partners, BoxGroup, Avid Ventures, Better Tomorrow Ventures, Thomvest Ventures, Vesey Ventures, Intuit Ventures, Synchrony, Small World Capital, Alpha Square Group, and others.