Cardless payments startup Piston has raised $15 million in a Series A funding round led by FPV Ventures, as the company looks to expand its payments network across the US.
Existing investors Spark Capital and Pear VC also participated in the round. With the latest investment, Piston’s total capital raised has reached $22.5 million.
The funding comes as Piston reports rapid growth in both payment volumes and its merchant network. The company said its payment volume has increased eightfold year-on-year, while its merchant network has grown 40 times. Customer retention currently stands at 98%.
Funding to support US expansion
Piston plans to use the new capital over the next 18 months to accelerate the national expansion of its payments network, develop new products and strengthen its leadership team by hiring senior executives across key areas of the business.
The latest Series A follows two earlier funding rounds. Piston raised $1.2 million in a pre-seed round led by Pear VC in October 2024. It later secured $6.1 million in a seed round led by Spark Capital in April 2025.
The company was founded in June 2024 by Vikram Sekhon and Shivam Shah.
Building a cardless payment network for commercial fleets
Piston focuses on payments for commercial fleets, connecting fleet operators with gas stations and convenience stores through a cardless payment network.
Its technology uses secure mobile authorisation and is integrated directly into point-of-sale systems. The company says this approach helps eliminate skimming fraud while also reducing transaction costs for merchants and fleet operators.
For fleet owners, the platform provides real-time visibility into fuel purchases, with transactions linked to individual drivers and vehicles. This gives fleet operators greater insight into where and how fuel is being purchased.
For merchants, Piston says its network brings commercial fuel volumes along with opportunities to increase in-store sales.
Piston now covers 2,000-plus stations
The company said its network is now deployed at more than 2,000 stations across 48 states in the US.
Piston has also expanded its point-of-sale integrations, with its systems certified and live across platforms covering more than 95% of US merchant fuel sites.
The expansion gives the company a broader base through which it can connect commercial fleets with fuel merchants while building out its cardless payment infrastructure.
AI products target fraud and spending analysis
Piston is also expanding its real-time controls with two AI-powered products, Guard and the Piston Analytics Agent.
Guard is designed to assess individual transactions for unusual activity. It can flag or block spending that is suspected to be fraudulent before the transaction is completed.
The Piston Analytics Agent takes a different approach, focusing on fleet spending data. The company says the tool allows fleet owners to analyse their spending and identify patterns without having to spend hours reviewing data manually.
With fresh funding in hand, Piston is now looking to scale its network, continue developing its technology and expand its leadership team. The company’s reported 40X growth in its merchant network highlights the pace at which it has expanded since its launch in 2024.
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