Coast Lands $35 Million to Track Company Card Spending by Field Workers

Coast has raised $35 million in a growth equity round, closed in October and announced Thursday, to build payment cards and software that show businesses exactly what their field workers buy on the company dime.

The New York-based startup, founded in 2020 by former Wall Street engineer Daniel Simon, pairs company payment cards with spend-management software. Businesses use it to control employee spending, pay vendors, and automate accounting tasks.

"If you run a plumbing business or an HVAC… and you need to give the technician who works for you the company credit card when they take the van out to go to their job… you need really specialized control, security, visibility, [and] reporting," Simon, Coast's CEO, told Fortune.

How the product actually works

The mechanics are straightforward. A worker picks up a company card and checks in by text or app. That check-in links the card to the worker's identity and to the spending limits the employer has set.

Coast then uses vehicle location data to verify the company van is actually at the gas station where the card is being used. If it isn't, the platform can block the purchase on the spot. Once a transaction clears, the software pushes the details straight into the company's accounting system — meaning office staff spend less time manually entering and matching records.

Who put in the money

Thomvest Ventures led the round. New investors included Intuit and Small World Capital. Returning backers were ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Synchrony, RXR, and The Fintech Fund.

The $35 million follows a $40 million Series B and an earlier $92 million round — roughly $167 million raised in total across those three raises. Coast declined to disclose its latest valuation.

"You are taking time that might have otherwise been spent [on] back office work and giving that back to the people in the trades to work on what they are really focused on," Don Butler, managing director at Thomvest Ventures, told Fortune.

Why trades, and why now?

The AI boom runs on physical infrastructure, and that infrastructure needs plumbers, electricians, and HVAC crews. According to a March report by staffing company Randstad USA, U.S. demand for skilled trades is growing three times faster than demand for desk jobs. Postings for HVAC technicians are up 78%, and broader trade postings are up 30%.

The same research found a retention squeeze: 102 workers leave the trades for every 100 who enter. That forces trade businesses to accomplish more with fewer people — which is exactly the pain point Coast's automation targets. The company estimates its addressable market at $120 billion.

Simon spotted the opening during the pandemic, shortly after selling his previous payments startup, Bread, for $500 million in 2020. His career started on Wall Street, building trading software for investment banks and hedge funds, before he earned law and business degrees from Yale University. The contrast stuck with him: banks and tech firms ran on modern software, while trades businesses relied on payment tools designed before smartphones existed.

What does this change for trade businesses?

In practice, Coast's model replaces the trust-and-receipts system — where an office clerk reconciles fuel and supply purchases after the fact — with real-time controls tied to a specific worker, vehicle, and location. For a plumbing or solar installation company, that means fewer fraudulent or out-of-policy purchases, and fewer hours burned on bookkeeping.

The bet from investors is that this niche is large enough and underserved enough to justify growth over profit. Coast is not yet profitable and says it reinvests revenue into product development and customer acquisition.

The company employs about 135 people across its New York headquarters and a Utah office. It already serves thousands of businesses, including Tristate Plumbing, Texas Solar Outfitters, and Verde Property Services. With Intuit now on the cap table — the company behind QuickBooks — tighter integration between field spending and small-business accounting looks like the logical next step.