US fintech Coast secures $92m in mix of equity and debt capital to fuel product development

US-based fintech Coast has secured $92 million in a combination of equity and debt capital.
The equity portion of $25 million was raised from existing investors such as Accel, Avid Ventures, Better Tomorrow Ventures, BoxGroup, and Insight Partners, along with new participant Vesey Ventures.
Additionally, Coast has received $67 million in committed debt capital from TriplePoint Capital and Silicon Valley Bank.
Coast offers an expense management platform tailored for fleet-operating businesses, providing real-time data from onboard computers in company vehicles and employees’ phones to authorize and track fuel transactions.
The fintech issues B2B fuel cards through Celtic Bank, enabling businesses to manage and monitor their fuel spending efficiently.
The funding will be utilized to enhance product development efforts, expand support for business expenses beyond fuel, and accelerate go-to-market initiatives, including establishing a second site in Salt Lake City, Utah.
Coast has partnered with Visa to expand its offerings, aiming to provide enhanced security, control, visibility, and reporting to fleet operators for both gas and electric vehicles.