Coast Secures $35 Million to Expand Financial Platform for Physical Economy

Coast has secured $35 million in new funding to expand its specialized expense management and payment platform. For owners of field service businesses or companies with vehicle fleets, this news signals a shift toward more specialized financial tools. Unlike general-purpose credit cards, this platform is designed specifically for the 'physical economy,' such as HVAC, plumbing, and automotive services. For the retailer and operator, this means better control over high-volume expenses like fuel and maintenance. The platform allows managers to set granular spending rules for employees, preventing unauthorized purchases before they happen. The new capital will likely be used to integrate more deeply with the software tools you already use to run your business, like dispatch or accounting systems. This technology helps bridge the gap between back-office financing and front-line operations, ensuring that capital is spent exactly where it was intended. As these fintech platforms grow, expect more automated reconciliation features that reduce the time your staff spends on manual bookkeeping and expense reporting.

Source: PYMNTS

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