Fintech
Coast Closes Series B, Raises Funding From Synchrony for Fintech Platform
Coast Closes Series B Led by Iconiq Growth. (Photo: Jim Allen/FreightWaves)
Fleet expense management company Coast announced that it has closed a $40 million Series B round led by Iconiq Growth with participation from existing investors Accel, Insight Partners, Vesey Ventures, Avid Ventures and its newest investor, Thomvest.
The funding round also saw an undisclosed investment from financial services provider Synchrony. Coast sees this as a strategic partnership because Synchrony serves many of Coast’s customers in the tire, auto parts and repair industries, including companies like Discount Tire and Pep Boys.
The company closed a venture investment round in March, raising $25 million in equity financing and $67 million in debt provided by Gunderson Dettmer for product development and integration partnership support.
According to Coast, this latest round brings its total equity funding to about $100 million. Pitchbook puts the company’s current valuation at $117.5 million.
Coast, which provides customers with a commercial credit card and financial management software for vehicle fleets across multiple industries, plans to accelerate its product development pipeline.
According to the company blog, this includes building a mobile app to streamline the current transaction verification process, developing expense management features, continuing to integrate into customer-requested platforms, adding new fuel and supplier partnerships, and expanding Coast’s teams at its New York City headquarters and new Utah location.
“We’ve seen firsthand the difference a real-time digital finance solution makes in these types of businesses, including residential and commercial services, transportation, construction, logistics and more,” said Daniel Simon, founder and CEO, in a blog post. send“With the new funding, we are even more able to expand Coast’s offerings, adding more features and value for our customers.”
Along with the financial news, Coast announced that it will add Yoonkee Sull, a general partner at Iconiq Growth, to its board of directors.
“Yoonkee and the ICONIQ team understand that we are setting a new standard for industry-focused payments and expense management, with a team uniquely positioned to deliver on this vision,” said Simon.
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