Funding · Mobility & Logistics
Piston raises $15M Series A for cardless fleet payments
By Startup Enthusiast ·
- Date
- Company
- Piston
- What it does
- Cardless payments network for commercial fleets
- Kind
- Funding
- Amount
- $15M
- Stage
- Series A
- Founded
- 2024-06
- Sector
- Mobility & Logistics
What they do
Piston lets commercial fleets pay for fuel without physical cards, connecting them to gas stations and convenience stores
What happened
The startup secured a $15M Series A round led by FPV Ventures, with backing from earlier investors Spark Capital and Pear VC
Why it matters
Payment volume jumped 8 times year-on-year, and the merchant network grew 40 times year-on-year
The details
- Piston raised a $15M Series A funding round.
- The round was led by FPV Ventures.
- Existing investors Spark Capital and Pear VC also participated.
- Total funding raised to date is $22.5M.
- The company plans to use the funds for national expansion of its payments network, product development, and adding senior leaders over 18 months.
- Piston also plans to expand real-time controls with two AI-powered products: Guard and Piston Analytics Agent.
The bigger picture
- Payment volume grew 8X year-on-year.
- Merchant network expanded 40X year-on-year.
- Customer retention is 98%.
- The company is deployed at more than 2,000 stations across 48 states.
- POS integrations cover more than 95% of US merchant fuel sites.
About the business
- Piston runs a payment network that lets commercial fleets pay for fuel without using physical cards, linking them with gas stations and convenience stores.
- Its technology uses secure mobile authorization built into POS systems, cutting out skimming fraud and reducing transaction costs.
- Merchants gain access to high-margin commercial fuel volumes and higher in-store sales.
- Fleets get real-time visibility into every gallon bought, tied to a specific driver and vehicle.
- The fueling process involves setting driver/vehicle/policies, picking a station/pump in the app, and verifying identity/location/telematics/rules before the pump unlocks.
- Savings come from preventing wasted gallons, unlocking negotiated rebates, and recovering admin time.
- Fleet types supported include last mile, trade fleets, and over-the-road fleets.
- Features include driver & vehicle management, custom policy builder, Piston Guard, and Piston Analytics.
- Trusted by fleets such as Camil Express, Purple Express, Apollo Transport, and others.
What happens next
- Expand the payments network nationally.
- Develop new products.
- Add senior leaders over 18 months.
- Launch two AI-powered products: Guard and Piston Analytics Agent.
The deal
- Type
- Series A
Investors
- FPV Ventures (lead)
- Spark Capital (existing)
- Pear VC (existing)
Founders
- Vikram Sekhon, Co-founder
- Shivam Shah, Co-founder
About Piston
- Customers
- Commercial fleets and fuel stations in the US
- How it makes money
- Makes money by providing a payments infrastructure layer for fleet fuel and logistics transactions
- What sets it apart
- Replaces physical fleet fuel cards with mobile authorization and network integrations
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