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US fintech Coast secures $92m in mix of equity and debt capital to fuel product development

Thursday, 4th April 2024 | News

US-based fintech Coast, which offers financial tools for fleet-operating businesses to pay for and manage their fuel and transportation spending, has secured $92 million in a mix of equity and debt capital.

Coast raises $92m in equity and debt capital

The company has raised $25 million in equity capital from existing investors including Accel, Avid Ventures, Better Tomorrow Ventures, BoxGroup, and Insight Partners, alongside new participant Vesey Ventures.

In addition, the fintech has received a further $67 million in committed debt capital from TriplePoint Capital and Silicon Valley Bank.

The New York-headquartered fintech offers an expense management platform that provides fleet managers with real-time data from onboard computers fitted to company vehicles and data from employees’ phones to authorise and track fuel transactions, allowing businesses to monitor and manage their fuel spend.

Businesses can then pay for their fuel using Coast’s B2B fuel cards, which are issued by Celtic Bank.

The company says it will utilise the new cash injection to propel its product development endeavours as it looks to extend support to business expenses beyond fuel. The funding will also see the firm expedite its go-to-market efforts, including establishing a second site in Salt Lake City, Utah.

The company has also partnered with global paytech giant Visa to expand its offerings. Veronica Fernandez, SVP of North America, head of Visa commercial solutions, claims that with “Coast’s platform and Visa’s advancement in fleet, together we can provide more security, control, visibility, and reporting to all kinds of fleet operators, for all of their vehicles, both gas and electric.”