US fintech Coast bags $40m Series B for product, partnership and team expansion

Key Points:

1. Investment Details:
   • Total Raised in Series B: $40 million
   • Lead Investor: ICONIQ Growth
   • New Board Member: Yoonkee Sull (General Partner at ICONIQ Growth)
2. Participants:
   • Previous Supporters: Accel, Insight Partners, Vesey Ventures, Avid Ventures
   • New Investors: Thomvest, Synchrony
3. Financial Context:
   • Total Equity Financing to Date: Nearly $100 million
   • Previous Raise: $92 million in March
4. Company Background:
   • Founded: 2020
   • CEO: Daniel Simon (co-founder of digital payments platform Bread, acquired by Alliance Data in 2020)
5. Product Offerings:
   • Expense Management Platform for Fleet Managers
   • Authorize and Track Transactions for Fuel
   • B2B Fuel Cards (issued by Celtic Bank)
   • Mobile Capabilities
   • Virtual Cards
   • Spend Programs
   • Shared Team Budget Functions
6. Business Impact:
   • Revenue Growth: 10-fold increase over the last 18 months
   • Customer Savings: Average 9-10% on fuel bills, 16 hours of monthly administrative work
   • Customer Base: Thousands of businesses
7. Future Plans:
   • Accelerate Product and Partnership Development
   • Expand to Other Financial Services (automated accounts payable, bill payment functions)
   • Grow Team (currently over 100 employees)
   • Establish a Second Headquarters in Utah

This summary highlights the main points of Coast’s $40 million Series B funding, its investors, company background, product offerings, business impact, and future plans.