Piston
Fleet fuel payments with a cardless, QR-based platform that streamlines transactions and eliminates fraud for commercial fleets and gas stations.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $6.1m | Seed | |
| Total Funding | 000k | ||
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Piston is a fintech company addressing the commercial fleet and gas station markets with a cardless payment infrastructure. The company was founded in 2024 by Vikram Sekhon (CEO) and Shivam Shah (COO), two former fleet operators who experienced firsthand the inefficiencies of traditional fuel payment systems. Their direct experience with challenges like card fraud and opaque pricing led them to develop a solution from the ground up, bypassing legacy card networks.
The core of Piston's offering is a payment platform that uses a secure, app-generated QR code for fuel transactions. This system directly connects commercial fleets with gas stations, aiming to eliminate the need for physical fuel cards. For fleet managers, the platform provides a dashboard to manage drivers and vehicles, offering real-time fraud prevention and enhanced data for each transaction, including the specific vehicle, time, location, and fuel type. This helps reduce administrative overhead and control a significant operational expense. For gas stations, particularly the many that are franchise-owned, Piston offers direct access to commercial fleet customers without requiring new hardware or integration with existing point-of-sale systems.
Piston generates revenue through its payment network, creating a two-sided marketplace that serves both fleets and fuel providers. The company reports serving over 120 fleets across 800 gas stations and processing more than $20 million in annualized volume. Headquartered in Cupertino, California, with operations in Lehi, Utah, Piston also maintains a significant engineering and operations team in Kolkata, India. The company has secured $7.5 million in total funding, including a $6.1 million seed round led by Spark Capital, to scale its go-to-market efforts and expand its network of partners across the United States.
Keywords: fleet fuel payments, cardless payments, fuel management, commercial fleets, gas station network, QR code payments, fintech, B2B payments, fraud prevention, fleet operations, Vikram Sekhon, Shivam Shah, transportation finance, fuel expense management, mobile payments, logistics technology, fleet telematics, fuel purchasing, payment infrastructure, commercial vehicle solutions, Spark Capital, Pear VC