Piston, a California-based cardless payments platform transforming the way commercial fleets connect with gas stations, has raised $7.5 million in a seed funding round. The investment was led by Spark Capital, with additional backing from Pear VC and BOND.
Piston’s Vision: Secure, Cardless Payments for Commercial Fleets
Founded by Vikram Sekhon and Shivam Shah, Piston is on a mission to replace outdated, card-dependent payment systems with direct, secure, and intelligent cardless transactions. The platform is designed to streamline payments, eliminate fraud, and foster long-term loyalty between fuel stations and commercial drivers.
Piston offers a seamless, technology-driven alternative to traditional fleet fuel cards, focusing on reducing transaction fees, increasing security, and simplifying the payment process for both gas stations and fleet operators.
Impressive Early Traction
Since its launch, Piston has rapidly scaled its operations. The platform currently serves over 120 commercial fleets and is connected to more than 800 independent gas stations across key markets. The company is processing over $20 million in annualized transaction volume, with a remarkable 50% month-over-month growth rate.
This strong performance highlights the growing demand for modern, fraud-resistant payment solutions in the fleet and fuel management sector.
Strategic Expansion Plans
With the newly raised capital, Piston plans to aggressively scale its go-to-market strategies and expand its network of fleet and gas station partners. The company is also focusing on increasing its footprint across the United States while building strong partnerships with independent gas stations that can benefit from cardless, cost-efficient payment systems.
Additionally, Piston is actively hiring to grow its product development, engineering, and sales teams. The company currently operates out of Cupertino, California; Lehi, Utah; and Kolkata, India, strengthening its global talent pool to support expansion.
Solving Industry Pain Points
Piston addresses several challenges in the commercial fueling space:
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Fraud Prevention: By eliminating the need for physical cards, the platform significantly reduces the risk of fraud and card skimming.
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Cost Savings: Direct, digital payments help gas stations and fleets save on high processing fees typically associated with traditional card networks.
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Operational Efficiency: Piston’s technology streamlines the payment process, reducing manual paperwork and administrative burdens for fleet managers.
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Loyalty Building: The platform enables stronger, more direct relationships between gas stations and fleets, creating opportunities for loyalty rewards and customized offers.
Investor Perspective
The backing from leading venture firms like Spark Capital, Pear VC, and BOND underlines the potential for Piston to become a category leader in fleet payments and fuel management.
“Piston is tackling a massive industry with outdated infrastructure. Their solution offers a modern, scalable, and secure way to move money between fleets and gas stations,” said a spokesperson from Spark Capital. “Their rapid growth is proof of the market’s appetite for smarter, more efficient payment solutions.”
Future Roadmap
Looking ahead, Piston aims to:
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Expand its station network across North America.
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Deepen partnerships with independent gas stations.
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Introduce new features that improve fleet management and payment automation.
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Continue technology development to further enhance security and user experience.
The company’s long-term vision is to build a comprehensive payment and loyalty ecosystem that not only simplifies transactions but also delivers value-added services to both fleet operators and fuel stations.