Piston Raises $15M Series A to Expand Cardless Fuel Payments Network

Piston has raised $15 million in a Series A round led by FPV Ventures, with existing investors Spark Capital and Pear VC also participating. The round brings the company’s total capital raised to $22.5 million.

The company said it will use the new capital to accelerate national expansion of its payments network, advance product development and add senior leaders across key business areas over the next 18 months.

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 integrates directly into point-of-sale systems.

The company says this setup helps eliminate skimming fraud and lower transaction costs for both merchants and fleets. For fleet owners, the platform provides real-time visibility into every gallon purchased, linked to a specific driver and vehicle.

Piston claims its payment volume grew 8X year-on-year, while its merchant network expanded 40X and customer retention reached 98%. The platform is now deployed at more than 2,000 stations across 48 states.

Its point-of-sale integrations are certified and live across systems covering more than 95% of US merchant fuel sites, according to the company. For merchants, Piston says the model can provide access to high-margin commercial fuel volumes and increased in-store sales.

Piston plans to expand its real-time controls with two AI-powered products. Guard evaluates transactions for anomalies and can flag or block suspected fraudulent spending before a transaction is completed.

The Piston Analytics Agent is designed to help fleet owners analyse spending data and identify patterns without hours of manual analysis. The roadmap signals a deeper push into fraud prevention, expense visibility and automated fleet payment intelligence.