Piston Technologies has secured $15 million in a Series A funding round led by FPV Ventures, with participation from Spark Capital and Pear VC. The company has raised a total of $22.5 million to date. The startup provides a cardless payment network for commercial trucking fleets to purchase fuel.
The platform replaces physical fuel cards with a QR-based authorization system at the point of sale. It records transaction details, including fuel volume, costs, time, and location. The system includes Piston Guard, an AI-powered tool for real-time fraud detection, and the Piston Analytics Agent for spending analysis.
Over the past 12 months, Piston has expanded its merchant network by more than 40 times, achieving an eightfold increase in annual payment volume. The service is currently accepted at over 2,000 gas stations across 48 U.S. states and maintains a 98% customer retention rate.
The company plans to establish its network across all U.S. regions within the next 18 months. Future goals include expanding the platform beyond fuel payments into broader logistics infrastructure. The founders, Vikram Sekhon and Shivam Shah, previously worked as commercial fleet operators.
