Coast Secures $25M in VC Funding for Fleet-focused Fintech Services

The expense management sector is competitive, with notable players like Brex, Ramp, and Navan vying for market share. However, Coast, a four-year-old contender, is targeting a unique customer base - businesses with 'real-world' field personnel and fleets, such as trucking companies, plumbers, HVAC businesses, and last-mile delivery companies. Coast has experienced significant growth, securing $25 million in venture capital and $67 million in debt financing, attracting both existing and new investors. The company's niche focus on fleet operators, providing expense management software and a commercial charge card, has proven successful. Addie Lerner, founder of Avid Ventures, highlighted Coast's appeal, describing it as a 'very sticky and high-margin business.' The funding will support Coast's expansion and the development of a broader range of financial products for fleet operators. Additionally, Coast is actively hiring and currently has approximately 60 employees.