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Piston, a cardless payments platform connecting commercial fleets with gas stations and convenience stores, has raised $15 million in a Series A funding round led by FPV Ventures, with participation from existing investors Spark Capital and Pear VC. The round takes its total capital raised to $22.5 million. The startup had previously raised $1.2 million in a pre-seed round led by Pear VC in October 2024 and $6.1 million in a seed round led by Spark Capital in April 2025. Piston will use the fresh capital to accelerate the national expansion of its payments network, advance product development, and add senior leaders across key areas of the business over the next 18 months, it said in a press release. Founded in June 2024 by Vikram Sekhon and Shivam Shah, Piston operates a cardless payments network connecting commercial fleets with gas stations and convenience stores. Its secure mobile authorisation technology is integrated directly into point-of-sale systems, eliminating skimming fraud and lowering transaction costs for both merchants and fleets. According to Piston, merchants gain access to high-margin commercial fuel volumes and increased in-store sales, while fleet owners get real-time visibility into every gallon purchased, linked to a specific driver and vehicle. The company claims its payment volume grew 8X year-on-year, while its merchant network expanded 40X, with customer retention at 98%. Piston is now deployed at more than 2,000 stations across 48 states. Its point-of-sale integrations are also certified and live across systems covering more than 95% of US merchant fuel sites. Piston also plans to expand its real-time controls with two AI-powered products. Its Guard product evaluates each transaction for anomalies and can flag or block suspected fraudulent spending before it is completed. Meanwhile, the Piston Analytics Agent enables fleet owners to analyse spending data and identify patterns without spending hours on manual analysis.
document fetched 2026-09-11 03:01