Piston: Revolutionising Cardless Payments for Commercial Fleets
Piston, a leading cardless payments platform that establishes connections between commercial fleets and gas stations as well as convenience stores, has successfully raised $15 million in a Series A funding round. This round was spearheaded by FPV Ventures, with notable contributions from existing backers Spark Capital and Pear VC. With this funding, Piston has now amassed a total of $22.5 million in capital.
Previously, the startup secured $1.2 million during a pre-seed round, led by Pear VC in October 2024, followed by a seed round of $6.1 million, led by Spark Capital in April 2025.
Piston intends to deploy the newly acquired funds to facilitate the national growth of its payment network, enhance product development, and recruit senior leadership across crucial sectors of its operations within the upcoming 18 months, as outlined in a recent press release.
Founded in June 2024 by Vikram Sekhon and Shivam Shah, Piston has developed a unique cardless payments network that links commercial fleets with gas stations and convenience stores. Its secure mobile authorisation technology seamlessly integrates into point-of-sale systems, effectively mitigating risks of skimming fraud and reducing transaction costs for both merchants and fleets.
Benefits for Merchants and Fleet Owners
According to Piston, merchants stand to benefit significantly by gaining access to high-margin volumes of commercial fuel and experiencing a boost in in-store sales. On the other hand, fleet owners receive instant visibility into each gallon purchased, specifically tied to individual drivers and vehicles.
Impressive Growth Metrics
The company reports that its payment volume has increased eightfold year-on-year, while its merchant network has expanded fortyfold, boasting a customer retention rate of 98%. Currently, Piston’s services are operational at over 2,000 gas stations across 48 states, with its point-of-sale integrations certified and functioning across systems that cover more than 95% of US merchant fuel sites.
Future Innovations with AI Technology
Looking ahead, Piston aims to enhance its real-time controls with the introduction of two AI-driven products. The Guard product is designed to scrutinise each transaction for any irregularities and has the capability to flag or block transactions that appear to be fraudulent before they are completed. Additionally, the Piston Analytics Agent provides fleet owners with tools to analyse spending data and uncover patterns without requiring extensive manual analysis.