Throughout the top of the 2021-22 fintech VC growth, no sector was hotter than spend administration.
Corporations like Brex, Ramp and Navan all raised huge rounds at multi-billion greenback valuations. Whereas the class has cooled off, like most areas of fintech, it’s nonetheless attracting capital from some large names in enterprise capital.
Coast was based in 2020 and immediately introduced a brand new spherical of funding: $25 million in fairness and $67 million in debt financing. However it’s not competing with the aforementioned large names.
As a substitute, Coast is targeted on what it calls “real-world” companies, people who have personnel and car fleets within the subject like plumbers, HVAC companies, trucking firms and supply firms.
There’s definitely much less competitors at that finish of the market and these firms might definitely use innovative expense administration expertise.
It’s one other nice of instance of the verticalization of fintech.
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> VCs double down on fintech Coast, which goals to be the Brex for ‘real-world’ industries
By Mary Ann Azevedo
The expense administration enviornment is a crowded one, with well-funded gamers resembling Brex, Ramp and Navan all clamoring for market share. These firms are typically centered on tech startups and enormous firms. However a four-year-old contender, Coast, is pursuing a special sort of buyer.
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