CoastPay provides smart fleet cards designed for businesses with fleet operations, such as delivery and transportation companies. These cards help businesses manage and monitor their fuel spending by allowing them to set spending limits and restrict expenses to fuel only. This control reduces overspending and prevents fuel theft. CoastPay's cards are interchangeable and can be quickly activated or deactivated, enhancing security and convenience for businesses. The company generates revenue through service fees but also offers rebates and cashback, which can lead to significant savings for clients. CoastPay differentiates itself with personalized, US-based support, ensuring that businesses can effectively implement and manage their fleet card systems.

Better Tomorrow Ventures

Avid Ventures

Insight Partners

BoxGroup

Vesey Ventures

Accel

TriplePoint Capital

Silicon Valley Bank

Thomvest Ventures

ICONIQ Growth

Bessemer Venture Partners

Greycroft Partners

Colle Capital Partners

SciFi VC

Foundation Capital

Investible

Flexport

Fintech

Financial Services

Coast

Are recent rate cuts good news for venture capitalist (VC) firms in the FinTech space?. A report Sunday (Sept. 29) by TechCrunch says the answer is yes, particularly for those FinTechs that depend on loans to keep cash flowing. Those FinTechs, the report said, include companies that provide fleet cards such as Ramp and Coast, earning money on transaction fees to merchants

Vcs Think Rate Cuts Could Help Lending Fintechs

Fintech startup Coast raises $40M in funding led by ICONIQ Growth to help companies manage fleet expenses.

Fintech startup Coast raises $40M in funding led by ICONIQ Growth to help companies manage fleet expenses

/PRNewswire/ -- New York-based Coast, which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, today announced...

Coast Raises $40 Million Series B to Accelerate Adoption of Modern Fleet Payments

Coast, a startup that describes itself as “a financial services platform for the future of transportation,” has raised $40 million in Series B funding — just four months after announcing a $25 million round, the startup has told TechCrunch exclusively.Back-to-back fundraises were common prior to and during the wild investment days of 2021, but have been much more rare since the VC market downturn in 2022. That makes Coast’s latest haul notable.New York-based Coast compares itself to the likes of Ramp and Brex in that it has developed expense management software for fleet operators and their employees. To that end, and like the aforementioned spend management companies, Coast has created a commercial charge card designed for the businesses that operate vehicle fleets — and that niche focus has served the company well. While Coast declined to divulge hard revenue figures, CEO and founder Daniel Simon told TechCrunch that the startup grew about “10x” in both annualized revenue and payment volume in the last 18 months. (We’ll just offer the obvious caveat that a fast rate of growth could indicate a small initial base.)Coast counts “thousands of businesses” as customers that operate fleets in service industries such as HVAC, plumbing, landscaping and pest control; construction; government fleets; and long-haul trucking — some with just a handful of fleet cards, and others with more than 1,000, the company says. To date, it has issued over 100,000 cards.Image Credits: CoastICONIQ Growth led Coast’s Series B round, which also included participation from existing backers Accel, Insight Partners, Vesey Ventures and Avid Ventures, as well as new investor Thomvest

Fintech Startup Coast Lands $40M Just 4 Months After Its Last $25M Raise

Coast, a company that helps manage fuel and fleet spending, announced it has raised $40 million in a Series B round led by ICONIQ Growth. Existing investors Accel, Insight Partners, Vesey Ventures, and Avid Ventures, along with new investor Thomvest, also participated. Coast aims to transform the US B2B card payments infrastructure, focusing on commercial fleets and vehicles.

Coast Raises $40M in Series B

FleetUp and RoadFlex have integrated their solutions to automate fleet expense management and fuel management, from data collection to reporting. Together, their fleet management solutions help fleet owners and administrators streamline their operations, the companies said in a Tuesday (July 2) press release. “By integrating our fleet management platform with RoadFlex’s fuel management tools, we provide a comprehensive solution to prevent fuel fraud and streamline operations,” Ezra Kwak, CEO of FleetUp, said in the release. “FleetUp and RoadFlex are committed to delivering essential technology that helps users and their fleet operators stay ahead in an increasingly competitive market.”

Fleetup And Roadflex Create Integrated Fleet Expense Management Solution

The modern digital fleet fuel card expense management platform conducted a survey of construction company owners and financial leaders to gauge their confidence in managing spend in the fieldNEW YORK, April 24, 2024 /PRNewswire/ -- A new survey of construction industry employees conducted by Coast, a modern digital fleet fuel and gas card expense management platform that helps companies govern their fuel and fleet spending, has found that nearly 60% of respondents were aware of wasteful spending and fleet card abuse in the last year, and the results indicate that there are significant gaps in efficiently managing and controlling spend in the field."What this survey shows us is that construction companies believe they are wasting a significant amount of time and money with field expense management processes that aren't helping them control their spend," said Coast CEO and founder Daniel Simon.More than 200 construction industry business owners and financial leaders responded to the survey, which set out to gauge the respondents' awareness of and concerns over their industry's field expense management practices.In addition to their concerns about wasteful spending and abuse, the survey found that:61% of respondents are using manual processes to review spending in real time48% feel they're spending too much time on reconciliation31% estimated a savings of between 10% and 20% with better compliance with policies5% reported a loss of more than $5,000 quarterly due to wasteful spending"While there were some fascinating findings about how construction companies manage their current field spend, the survey also showed that their financial teams are having to spend too much time manually reviewing what their field personnel spend in real time," Simon said. "We can see that companies spend a great deal of time conducting reviews of transactions to ensure compliance and collecting physical receipts to verify spend."Simon said that allowing employees to make work-related purchases in the field is essential to efficient operations, and this is especially true in industries like construction. He said the survey has provided Coast with some insight into the problems that the construction industry faces when trying to control and manage spending."It's our goal to help construction companies simplify employee expense management, and we want to ensure that our all-in-one fleet card solutions help give construction finance leaders unparalleled visibility into expenses," he said. "We want to find ways to help construction companies keep costs down and maintain their profits."Coast provides a robust digital platform that is coupled with Visa payment technology and merchant acceptance. Coast regularly conducts research into a variety of industries so it can continuously work to address the challenges industries face when managing field expenses. Coast offers a fuel card with best-in-class security and spend controls, software with real-time transaction data and reporting, and integrations with fleet management and telematics software.About CoastCoast is re-imagining the trillion-dollar US B2B card payments infrastructure, with a focus on the country's 500,000 commercial fleets, 40 million commercial vehicles, and several million commercial drivers

Coast Survey Finds Construction Companies Have Significant Gaps In Their Field Expense Management Practices

Where an industry goes tomorrow is a step-function from where it is today. And this is particularly true within the fleet management ecosystem, where traditional payment methods like fuel cards remain, by far, the most common payment scenario. Increasingly, addressing the challenges of traditional fleet payments, including cumbersome manual processes and security loopholes, are playing an important part in setting the industry up for success. “Traditional systems, developed before the ubiquity of mobile devices, rely on antiquated methods for collecting transaction data, leading to poor data quality and security vulnerabilities,” Daniel Simon, CEO at Coast, told PYMNTS. “These are old school industries: construction, HVAC, plumbing, landscaping, et cetera.”

Fleet Sector Travels From Closed-Loop To Future-Ready

The digital payments leader examines Coast's offerings and how they are revolutionizing the fleet card management industryNEW YORK, April 9, 2024 /PRNewswire/ -- Coast , a modern digital fleet fuel and gas card expense management platform that helps companies govern their fuel and fleet spending, announced today that Visa Inc., a world leader in digital payments, has authored a white paper that highlights how the fleet card company has used innovation to improve the check-in process and integrate policies, data and other expense management tools to their card system.Visa examines Coast’s fleet card offerings and how they are revolutionizing the fleet card management industry in a new white paper."It's a great honor for Coast's fleet payment system to be featured in a white paper by payments leader like Visa," said Coast CEO and founder Daniel Simon. "Coast has worked with Visa for many years and their trust in our services has led to the development of this white paper. In it, Visa spells out exactly how Coast's innovative technology can help businesses manage fleet and expense payments and solve the challenges many companies have in monitoring and securing their fleet accounts."The white paper, entitled "Innovation in U.S. Fleet Cards," discusses the Coast fleet card's unique value-added solutions, including:Eliminating user error with short messaging service (SMS) check-in. Coast's payment cards don't require the driver to memorize a numeric vehicle code to capture fleet data. The driver merely has to key in a license plate number and the fleet management system instantly knows which card is being used by which driver and with which vehicle

Coast Featured In New Visa White Paper On Innovation In Fleet Cards

NEW YORK, March 21, 2024 /PRNewswire/ -- Coast , which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, today announced it has raised $92 million in new funding. The round includes $25 million in equity capital led by existing investors, including BoxGroup, Avid Ventures, Accel, Insight Partners, and Better Tomorrow Ventures, as well as new investor Vesey Ventures. The company also secured $67 million in committed debt capital from Silicon Valley Bank and TriplePoint Capital.Coast Founder and CEO Daniel Simon has announced that his company has raised $92 million in new funding to continue its vision to produce innovative financial tools for fleetFor the nearly one million American businesses that collectively operate around 40 million vehicles in their commercial fleets – including field service businesses like HVAC, plumbing, landscaping, pest control, construction, government fleets and long-haul trucking – managing expenses in the field is a major challenge. Over the decades, a handful of now very large incumbent payment solutions have emerged to serve fleet-operating companies' needs with fuel cards, to allow fleet managers to set field-specific controls, like restricting purchases to only fuel products, or tracking expenses on a per-vehicle basis. The fleet fuel payments on these specialized cards add up to a staggering $120 billion annually in the US.Coast, led by founder and CEO Daniel Simon, reimagines the fleet payments product category, enabled by mobile technology and state-of-the-art vehicle data and telematics.Coast's software gives fleet managers powerful policies and controls that they can tailor to the on-the-job needs of different employees and vehicles in their fleets. It uses real-time information that employee drivers provide through their phones, as well as data from the onboard computers of company vehicles, to authorize or flag transactions

Coast Raises $92 Million In New Capital, Partners With Visa To Expand Financial Tools And Software For Modern Business Fleets

Provides smart fleet cards for fuel management

Coast

Provides smart fleet cards for fuel management

Coast

Provides smart fleet cards for fuel management

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