Coast raises $6M to disrupt industry payment incumbents with fintech solutions:
With an increase in last-mile delivery and a growing need for increased road capacity, upfront payments, and financing, Coast aims to offer advanced fleet technology for expense management.
The company was founded by Daniel Simon and Andrew Woolf, former Lyft CEO, and announced on Wednesday that it has raised more than $6 million after the first round of $3.5 million in September.
The final round was led by Better Tomorrow Ventures with the participation of Avid Ventures, Bessemer Venture Partners, BoxGroup, Colle Capital Partners, Foundation Capital, Greycroft, and SciFi VC.
The round was attended by more than a dozen angel investors from other fintech and FreightTech companies, including Flexport founders Plaid, Marqeta, Albert, Addi, Lithic, and Bread, a co-founder of Simon, which has more than Alliance Data Systems is established. . $500 million in 2020.
As part of the round, Sheel Mohnot, general partner at Better Tomorrow Ventures & will join Coast’s board of directors.
Coast plans to launch a new credit card and financing platform that will give fleet managers greater visibility and control over their managers’ spend transactions.
Although it is only available in late 2021, managers can facilitate transactions anywhere Visa is accepted so they can use the card for business expenses. Failing to do this is a common criticism of old-fashioned players in the transport fintech space.
Financing Details: Costa
Drivers also receive transaction-level reports through the company’s dashboard to track the courier, their trucks, and each driver’s purchasing behavior. It also aims to build integrations with widely used computer software, including Quickbooks, Sage, and Xero.
While the industry has historically turned to some of the industry’s top financial players who maintain leveraged financing with discount partnerships on services such as hotels, entrances, stairways, and parking services, Coast plans to change the market with the technology it currently lacks.
They have integrated employee and vehicle payments into the rest of their operations and need fair and transparent financial products that are easy to understand, Simon said in a statement to TechCrunch.