Coast has raised $40 million in new Series B financing to accelerate adoption of its solutions for fleet payments.
The company will use the new funding to grow its team, develop its product and partnerships, and expand to other financial services needed by business customers, Coast said in a Thursday (July 18) press release.
Its latest funding round was led by Iconiq Growth, whose general partner Yoonkee Sull has joined Coast’s board of directors, according to the release.
“We’re thrilled to be partnering with Iconiq Growth, a legendary investor in FinTech, and fleet and field services,” Daniel Simon, founder and CEO of Coast, said in the release. “Iconiq brings to bear not just their deep capital base but also their rich experience in Coast’s domains and expansive community, which can drive partnerships and accelerate expansion for Coast’s fleet product.”
Coast offers modern digital payments experiences and financial services products for the U.S. B2B card payments market, with a focus on commercial fleets, vehicles and drivers, according to the release.
The company offers fleet cards and recently added a mobile app that eases the collection and verification of data for fleet payments, the release said.
Its target market includes 1 million American businesses that collectively operate 40 million commercial vehicles, including field services businesses, government fleets and long-haul trucking, per the release.
“We believe Daniel and team are using exceptional software to challenge incumbents in a massive market and making a difference in hundreds of thousands of American businesses,” Sull said in the release. “We are thrilled to partner with them on their mission to simplify the day-to-day management of thousands of fleets.”
The announcement of this new funding comes four months after Coast said it raised $92 million in new capital in a funding round, including $25 million in equity capital and $67 million in committed debt capital.
The ongoing transition toward digitization in fleet management and fleet payments can provide businesses with more reliable data and an understanding of the total cost of ownership of the vehicles in their fleet, as well as a more granular picture of their employee spending behavior, Simon told PYMNTS in an interview posted in April.
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