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Piston Secures $15M Series A to Scale Cardless Fleet Fuel Network

Piston, a commercial fleet payment platform, raised $15 million in Series A funding led by FPV Ventures, with participation from existing backers Spark Capital and Pear VC. The round brings total funding to $22 million. The company has expanded rapidly, with payment volume jumping eightfold in the past year and merchant network growth reaching 40 times. Piston now serves more than 2,000 fuel stations across 48 states. Its point-of-sale integrations are certified on systems representing over 95% of U.S. locations. The cardless payment system authorizes transactions for individual drivers and vehicles at the pump, eliminating physical fuel cards. Co-founder and CEO Vikram Sekhon stated: "Commercial fuel still runs on payment technology built for another era. Fleet fuel fraud is a physical card problem, disguised as a detection issue." The approach provides fleets with real-time visibility into fuel spending while reducing fraud and administrative overhead. Piston is launching two AI products: Piston Guard, which evaluates transactions for anomalies and can flag or block suspected fraudulent spending before completion, and Piston Analytics Agent, designed to help fleet operators analyze spending data and identify patterns without manual sorting.