visimoney
TLDR:
- US-based fintech Coast secures $92 million in a mix of equity and debt capital.
- Coast plans to use the funding to fuel product development and expand support for business expenses beyond fuel.
US-based fintech Coast has raised $92 million in a mix of equity and debt capital. The company raised $25 million in equity capital from existing investors and a further $67 million in debt capital. The fintech offers an expense management platform for fleet-operating businesses to manage fuel and transportation spending. Businesses can use Coast’s B2B fuel cards issued by Celtic Bank to pay for fuel. The company plans to use the funding to fuel product development and aims to extend support to business expenses beyond fuel. This funding will also help Coast to establish a second site in Salt Lake City, Utah. Additionally, Coast has partnered with Visa to expand its offerings in the fleet management space. Veronica Fernandez, SVP of North America at Visa, suggests that together with Coast’s platform, they can provide more security, control, visibility, and reporting to fleet operators for all their vehicles.
