Coast, a financial services company focusing on the niche market of ground staff businesses and fleet management, is set to disrupt the expense management field. Traditional expense management services often overlook the specific operational challenges faced by these businesses, commonly found in industries like HVAC, trucking, and delivery services. Coast offers unique solutions tailored towards these companies, gaining a unique position for steady growth in doing so.
Coast differentiates itself by integrating expense management into daily operations. This innovation allows businesses to track expenses efficiently, reducing financial discrepancies and providing valuable insights into spending patterns for smarter decision making. As a result, Coast has not only found a unique selling point but has also pioneered growth in an underserved market.
Coast was founded in 2020 by Daniel Simon. Motivated by the vision of building a modern financial services platform for future transportation, Coast develops advanced expense management software for fleet operators. Besides software integration, Coast prioritizes exceptional customer service, further positioning itself as an industry leader.
CEO Daniel Simon reports significant company growth, with an impressive 550% increase in annualized revenue and payment volume in 2023.
Coast: Pioneering expense management in fleet businesses
The company is on track to further expand in 2024, using robust performance and potential growth to enter new markets. To facilitate this, $92 million has been raised from investors and $67 million secured in debt financing.
Coast has noted and responded to gaps in the market, with commercial credit cards not sufficiently meeting the needs of fleet and fuel service industry firms. To address this, Coast has developed a system improving visibility into employees’ spending behaviours. The system leverages technology to offer insights where controlling fleet and fuel costs are critical. This advancement differentiates Coast from more traditional service providers.
Coast’s innovative approach extends to real-time data collection on location and vehicle status, text-based mobile sign-ins for precision and safety, and route optimization for fuel efficiency. Something especially unique is Coast’s wearable tech for drivers that monitors vital signs, ensuring safety while improving productivity.
Revenue is generated through merchant fees when Coast cards are used for purchases and a fixed monthly subscription fee. A notable benefit for customers is a discount on fuel purchases, as well as additional rebates when shopping with strategic partners like 7-Eleven RaceTrac, Discount Tire, and Casey’s.
Coast’s growth and unique market positioning attracted investors like Avid Ventures. Addie Lerner, founder of Avid Ventures, expresses enthusiasm about Coast’s potential to lead in the evolving digital landscape and looks forward to ongoing support.
