Piston Secures $15 Million in Series A Funding for Expansion of Cardless Fuel Payment Network
Piston, a payment platform targeting commercial fleets, has raised $15 million in Series A funding to expand its cardless fuel payments network across the U.S. The round was led by FPV Ventures with participation from existing investors Spark Capital and Pear VC, bringing Piston's total funding to $22.5 million. The company reported an eightfold increase in payment volume over the past year and a 40-fold growth in its merchant network. It now operates at more than 2,000 fuel stations across 48 states with point-of-sale integrations covering over 95% of U.S. merchant fuel sites. Piston's technology aims to replace physical fuel cards by authorizing transactions for individual drivers and vehicles in real time. The company is also introducing AI tools like Piston Guard, which detects fraudulent activity during a transaction, and the Piston Analytics Agent, designed to help fleets analyze spending data.
Topics: AI Integration Commercial Fleets Fintech Fuel Payments