ICONIQ Growth has added Yoonkee Sull, its general partner, to Coast's board of directors as part of its round leadership.

Along with new investors Thomvest and Synchrony, Accel, Insight Partners, Vesey Ventures, and Avid Ventures also took part in the deal. These investors had previously backed Coast's $92 million investment in March.

With this most recent round of fundraising, Coast's total equity financing has come close to $100 million. Coast was formed in 2020 by CEO Daniel Simon, who also co-founded Bread, a digital payments platform that Alliance Data later acquired.

According to the fintech, it aims to lessen the "big challenge" of spending management for the around one million US companies who own fleets of vehicles.

In order to do this, fleet managers may authorize and monitor gasoline transactions using its expenditure management software. In addition to recently introduced mobile features, virtual cards, spend programs, and shared team budget operations, it also includes B2B gasoline cards from Celtic Bank.

Over the past 18 months, Coast says that the growth of its product line has led to a ten-fold increase in income. Its services are utilized by "thousands of businesses" to save "an average of 9–10% on fuel bills and 16 hours of monthly administrative work."

With an eye toward "expanding to other financial services needs of its business customers," the fintech claims it would use its most recent funding to "accelerate its product and partnership development," making a reference to the growing popularity of automated accounts payable and bill payment systems.

Additionally, it plans to "grow its team," which now consists of approximately 100 workers, according to LinkedIn. The business also intends to open a second headquarters in Utah.