Fintech startup Coast raises $35 million to better track what workers do with company credit cards

Getting the job done means trusting workers to spend company money—and keeping track of where it goes.

In industries like plumbing and construction , employees often carry company cards to buy fuel and supplies, while office staff sort through receipts to check that spending stays within bounds.

Coast, a New York-based startup, wants to make this process more transparent by pairing company payment cards with software that helps businesses control spending and track purchases made on the job.

On Thursday, the company, founded in 2020 by former Wall Street engineer Daniel Simon, announced a $35 million growth equity round that closed in October.

It plans to use the funding to build out a platform that helps businesses manage employee spending, facilitate payments to 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, who serves as Coast’s CEO, told Fortune .

It works like this: A worker picks up a company card and checks in by text or app.

That links the card to their identity and the spending limits their employer has set.

Coast can then use vehicle location data to check whether the company van is at the gas station where the card is used—and block the purchase if it isn’t.

Once a purchase goes through, the software sends the transaction details to the company’s accounting system, so office staff have fewer records to enter and match by hand.

Thomvest Ventures led the growth equity round, joined by new investors Intuit Ventures and Small World Capital.

Returning backers included ICONIQ Growth, Accel, Insight Partners, Better Tomorrow Ventures, Avid Ventures, Vintage Investment Partners, Synchrony , RXR, and The Fintech Fund.

The funding follows Coast’s Series B, which raised $40 million, and an earlier $92 million funding round.

Coast declined to disclose its latest valuation.