Piston Raises $15M to Scale Cardless Payments for Commercial Fleets

US fintech startup Piston has raised $15 million in Series A funding to expand its cardless payments network connecting commercial fleets with gas stations and convenience stores.

The round was led by FPV Ventures, with participation from existing investors Spark Capital and Pear VC. The latest financing brings Piston's total capital raised to $22.5 million.

Founded in June 2024 by Vikram Sekhon and Shivam Shah, Piston is building a payments infrastructure designed specifically for commercial fuel transactions. Its technology enables drivers to authorise payments through their mobile devices without relying on traditional fuel cards.

Replacing traditional fleet fuel cards

Piston integrates its secure mobile authorisation technology directly into merchant point-of-sale systems.

The approach is designed to eliminate common risks associated with physical fuel cards, including card skimming and unauthorised transactions, while also reducing transaction costs for merchants and fleet operators.

For fleet owners, Piston provides real-time visibility into fuel purchases, linking individual transactions to specific drivers and vehicles.

Merchants, meanwhile, gain access to commercial fuel volumes as well as potential additional in-store purchases from fleet customers.

Rapid network expansion

Piston says its payment volume has increased eightfold year over year, while its merchant network has expanded 40 times.

The company also reports a 98% customer retention rate.

Its network is now deployed at more than 2,000 fuel stations across 48 US states. Piston says its point-of-sale integrations are certified and live across systems covering more than 95% of US merchant fuel sites.

That infrastructure gives the company a significant foundation as it looks to expand nationally.

Adding AI to fuel payments

Piston is also moving beyond payment processing by adding AI-powered controls and analytics to its platform.

Its Guard product evaluates transactions for unusual activity and can flag or block suspected fraudulent spending before a transaction is completed.

The company is also developing the Piston Analytics Agent, which allows fleet operators to analyse fuel spending data and identify trends without relying on lengthy manual reporting.

Together, these tools could turn fleet fuel payments from a simple transaction system into a broader source of real-time operational intelligence.

$15M to accelerate the next phase

Piston plans to use the new Series A funding to accelerate the national expansion of its payments network, continue product development, and recruit senior leaders across key functions over the next 18 months.

The company previously raised a $1.2 million pre-seed round led by Pear VC in October 2024, followed by a $6.1 million seed round led by Spark Capital in April 2025.

With $22.5 million now raised, Piston is betting that cardless payments, fraud prevention, and real-time analytics can fundamentally change how commercial fleets manage fuel spending.

Its next challenge will be scaling that network while maintaining the high retention and transaction growth it has reported.