US fintech Coast secures $35m for physical economy payments platform

Fintech startup Coast has secured $35 million in funding to expand its specialized expense management and payment platform. While many payment tools focus on digital offices, Coast is building specifically for 'physical economy' businesses. This primarily includes companies with vehicle fleets, such as HVAC contractors, home improvement installers, and automotive service providers. For business owners, this means more granular control over how employees spend money in the field. The platform integrates directly with telematics and GPS data. This allows you to verify that a fuel purchase or equipment buy actually happened where the company vehicle was located. For retailers and service operators, this reduces fraud and 'shrink' in fuel spending, which is often one of the largest unmanaged expenses for field-based businesses. The new funding will allow Coast to move beyond just fuel cards into a broader suite of expense management tools. This includes syncs with accounting software like QuickBooks and Xero. If you operate a fleet to deliver furniture, install windows, or provide mobile veterinary services, these tools help protect your margins by ensuring company funds are only used for authorized business expenses.

Source: Finextra — Lending

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