--- title: "Coast Secures $35 Million in Growth Equity Funding" url: https://newscentral.site/coast-secures-35-million-in-growth-equity-funding/ language: en publisher: "News Central Site" section: "Business" published: 2026-10-22T13:00:00.000Z updated: 2026-10-23T06:45:56.967Z id: 19d35aa6-96ea-4cd2-b8a7-71419f6f4e7b source: "Fortune https://fortune.com/2026/10/22/fintech-startup-coast-35-million-track-workers-company-credit-cards/" attribution: "Link to https://newscentral.site/coast-secures-35-million-in-growth-equity-funding/ and name News Central Site when you quote or summarize this story." --- # Coast Secures $35 Million in Growth Equity Funding The New York-based fintech startup aims to increase transparency and streamline administrative tasks for businesses through its system that pairs company payment cards with software designed to control spending and track purchases made on the job. A growing number of companies are facing challenges in managing employee spending on company credit cards, particularly in industries where workers often need to make purchases on the go. In sectors such as plumbing and construction, employees frequently use company cards to buy fuel and supplies, while office staff must manually review receipts to ensure that expenditures remain within limits. To address this issue, a New York-based fintech startup called Coast has developed a system that pairs company payment cards with software designed to control spending and track purchases made on the job. Founded in 2020 by Daniel Simon, a former Wall Street engineer who serves as the company's CEO, Coast aims to increase transparency and streamline administrative tasks for businesses. The company recently secured $35 million in growth equity funding, which closed in October. With this investment, Coast plans to expand its platform to provide more comprehensive tools for managing employee spending, facilitating payments to vendors, and automating accounting tasks. According to Simon, certain industries require specialized controls to manage company credit cards effectively. He noted that businesses like plumbing or HVAC companies need robust security measures, visibility into transactions, and detailed reporting to ensure that employees are using company funds responsibly. Coast's system works by linking a worker's identity with their company card through text or app checks. This process allows the software to track vehicle location data and verify whether the company van is at the gas station where the card is used. If the purchase is not authorized, it can be blocked from processing. The software also sends transaction details directly to the company's accounting system, eliminating the need for office staff to manually review receipts and match them with corresponding transactions. This automated process aims to reduce administrative burdens and improve overall efficiency in managing employee spending. A group of investors has provided Coast, a fintech startup, with $35 million in funding. The investment round was led by Thomvest Ventures and joined by new investors Intuit Ventures and Small World Capital. The funding marks the latest influx of capital for Coast, which has now secured significant investments from several rounds. In addition to this growth equity round, Coast had previously raised $40 million in its Series B funding and $92 million in an earlier round. Coast is positioning itself to tap into a growing market for skilled trades businesses. According to recent research by staffing company Randstad USA, demand for desk jobs is increasing at a slower rate than the need for workers with specialized skills such as heating, ventilation, and air conditioning technicians. The US trade industry faces significant challenges in retaining skilled employees, with 102 workers leaving the sector for every 100 who enter. This pressure on businesses has led to an increased focus on efficiency and productivity. As fintech startup Coast continues to expand, its founders are aware of the immense pressure on businesses to optimize their operations. The company's CEO, Simon, recognized an opportunity to tap into this market when he sold his previous payments startup, Bread, for $500 million in 2020. With a background that began on Wall Street, where he built trading software for investment banks and hedge funds before earning law and business degrees from Yale University, Simon saw the potential for improvement in payment tools. Coast now serves thousands of businesses across various sectors, including Tristate Plumbing, Texas Solar Outfitters, and Verde Property Services. --- Source: [Fortune](https://fortune.com/2026/10/22/fintech-startup-coast-35-million-track-workers-company-credit-cards/) Published by News Central Site: https://newscentral.site/coast-secures-35-million-in-growth-equity-funding/