Former Founder of Bread Raises Millions for His New Fintech Startup
After earning $500M by selling his previously owned startup, Bread, Daniel Simon began his new quest in the fintech Industry. Deeply affected by the pandemic situation and no groundbreaking innovation in fintech, he took the initiative to bring change.
With his comrade and former Lyft exec Andrew Woolf, Daniel Simon embarked on a new journey with Coast. The company operates to become the advanced financial platform for the future of transportation.
The company has officially stated that many investment firms such as Avid Ventures, Foundation Capital, Bessemer Venture Partners, Max Levchin’s SciFi VC, Better Tomorrow Ventures, BoxGroup, Colle, Greycroft, and many other angel investors have backed up its seed round. The current amount of raise the company gathered is near $6M.
Coast is focusing on the small businesses, and their fleets as their credit cards can not provide enough support for their drivers and transports.
Daniel Simon stated that:
“Fleet owners need transactions to be authorized, for instance, for buying gas for the company van, not the personal car, and for filling up at the pump, not making other purchases in the gas station convenience store.”
That’s why Coast is working towards bringing technology into these payment products where the owners and drivers will be able to enjoy a more seamless experience.
Their first offering, a commercial fuel charge card, is coming later this year. This card will allow checking the credibility as well as the authenticity of the drivers with superior speed. The drivers will be able to move with ease if the system works well enough.
On the other side, owners and managers via Coast’s web portal will have access to all the details of the transactions. They will also get to decide and manage the policies as they want.
In the future, the founders plan to implement new strategies for real-time data of drivers and adding more accounting platforms. They are hopeful for their journey ahead to bring a revolutionary wave into the fintech and transportation industry.
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