Fintech startup Coast raises $35 million to better track what workers do with company credit cards
Source: Fortune ·
The New York-based startup wants to help contractors control employee purchases, pay vendors, and track expenses in one place.
From the source
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…