Piston raises Series A funding led by FPV Ventures

Piston, a cardless payments platform, has raised $15 million in its Series A funding round led by FPV Ventures.

The funding round also saw participation from existing investors Spark Capital and Pear VC.

The Cupertino-based startup will use the fresh capital to expand its payments network across the US, enhance its products, and grow its leadership team.

Founded by Vikram Sekhon and Shivam Shah in 2024, Piston operates a cardless payments network connecting commercial fleets with fuel stations. Its platform helps reduce fraud, lower transaction costs, and provides fleet operators with real-time visibility into fuel spending.

"Commercial fuel still runs on payment technology built for another era," said Vikram Sekhon, co-founder and CEO of Piston. "Fleet fuel fraud is a physical card problem, disguised as a detection issue. We removed the card and built a network that authorizes every purchase for a specific driver and vehicle at the point of sale. This round lets us expand that infrastructure until no commercial driver has to ask whether a station accepts Piston."

Nikunj Kothari, partner at FPV Ventures, said, "Fuel is one of the largest B2B spend categories in America, and every transaction still runs through decades-old card infrastructure. Piston moves that money over its own rails, with no card networks or intermediaries in between."

Prior to this round, Piston had raised $7.5 million from investors including Spark Capital and Pear VC. With the latest Series A financing, the company’s total capital raised has reached $22.5 million.