Coast Raises $35 Million to Build the Financial Platform for the Physical Economy

Round led by Thomvest Ventures, with new investors Intuit Ventures and Small World Capital

NEW YORK, Oct. 22, 2026 /PRNewswire/ -- Coast, the financial platform built for the physical economy, today announced it has raised $35 million in new growth equity funding. The round was led by Thomvest Ventures and joined by new investors Intuit Ventures, Small World Capital, and Alpha Square Group, with participation from existing investors ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Colle Capital, Synchrony, RXR, and The Fintech Fund.

The funding will expand Coast into a broader financial operating system for the physical economy. Coast will use the proceeds to reach more customers and to invest in AI-powered expense automation, new Bill Pay and Accounts Payable products, and embedded partnerships with the fleet and field service platforms its customers already use.

The AI data center boom is pulling construction, HVAC, electrical, utility, and transportation into overdrive. Job postings for HVAC engineers have risen nearly 78% since 2022, and openings for electricians, welders, and construction specialists are up 30%. As these industries grow, their businesses are getting more complex. But the tools they rely on haven't evolved. Most are still forced to piece together generic corporate cards, banking, and fleet tools that weren't designed for how they operate.

Coast is the financial platform built for the physical economy: construction, HVAC, plumbing, landscaping, electrical, pest control, solar, transportation, energy, oil and gas, utilities, and more. The company started with America's top-rated fuel card, then expanded into corporate cards, expense management, and bill pay, all designed for how these businesses actually operate.

"The millions of field businesses that keep the physical economy running still lack a financial platform built around the way they work," said Daniel Simon, Founder and CEO of Coast. "Coast is that platform. We're excited to deepen our partnership with Thomvest, who first backed Coast in 2024, and to welcome Intuit Ventures, a deep integration partner that's a critical part of so many of our customers' businesses as they grow."

Coast's industry focus gives customers controls and data that go far beyond a typical corporate card: vehicle- and driver-level visibility, telematics-enabled controls, fuel grade and gallon-level detail, job costing, and payments for trade-specific workflows and fuel, field, supplies, and office needs. That depth extends to accounting, with integrations that automate reconciliation and coding for finance teams. Taken together, the Coast platform saves a customer tens of thousands of dollars and weeks of work that could instead be spent growing their business.

"The physical economy has been underserved by financial software for decades, and Coast is changing that with a platform that brings payments and credit controls into the workflows that businesses already use," said Don Butler, Managing Director at Thomvest Ventures. "We believe that software that acts as a control plane for payments and credit, embedded in the workflows of vertical industries, is one of the most important shifts happening in financial services. Coast is a clear leader on both fronts."

Coast steers drivers to the fueling and purchase options that are most efficient for the company, with approvals and reconciliation running automatically through the systems each customer already relies on. New Bill Pay and Accounts Payable products bring vendor invoices onto the same platform as card spend, giving customers one view of all outgoing money and marking the first step toward a full financial services suite for physical economy businesses. Through partnerships with telematics, fleet management, and field service providers like Samsara and Fleetio, operators can use vehicle location, driver identity, and odometer data to catch an off-route fuel purchase or shut off a card without leaving the software they use to run the fleet.

About Coast

Coast is the financial platform built for the physical economy, serving businesses in construction, HVAC, plumbing, landscaping, electrical, pest control, solar, transportation, energy, oil and gas, utilities, and more. Starting with America's top-rated fuel card, Coast offers corporate cards, expense management, Bill Pay, and Accounts Payable products designed for how field businesses operate, with vehicle- and driver-level 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. Learn more at https://coastpay.com/.

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SOURCE Coast