During the height of the 2021-22 fintech VC boom, no sector was hotter than spend management.
Companies like Brex, Ramp and Navan all raised massive rounds at multi-billion dollar valuations. While the category has cooled off, like most areas of fintech, it is still attracting capital from some big names in venture capital.
Coast was founded in 2020 and today announced a new round of funding: $25 million in equity and $67 million in debt financing. But it is not competing with the aforementioned big names.
Instead, Coast is focused on what it calls “real-world” businesses, those that have personnel and vehicle fleets in the field like plumbers, HVAC businesses, trucking companies and delivery companies.
There is certainly less competition at that end of the market and these companies could certainly use cutting edge expense management technology.
It is another great of example of the verticalization of fintech.
Featured
> VCs double down on fintech Coast, which aims to be the Brex for ‘real-world’ industries
By Mary Ann Azevedo
The expense management arena is a crowded one, with well-funded players such as Brex, Ramp and Navan all clamoring for market share. Those companies are generally focused on tech startups and large corporations. But a four-year-old contender, Coast, is pursuing a different type of customer.
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