Piston Technologies landed its biggest funding yet for its app-based fuel payment system, available in 25 states, which will help the business to further scale operations.
The tech company, headquartered in Silicon Valley, raised $6.1 million in seed funding, following $1.4 million in pre-seed funding, to reach a total funding of $7.5 million, a news release said.
“Gas stations on the Piston network are represented by all of the major fuel brands,” CEO and co-founder Vikram Sekhon told Trucking Dive in a statement, adding that the business plans to expand its network to over 14,000 locations this year.
The company currently serves over 120 fleets across 800 gas stations, the release said. Carriers can use the app and conduct transactions without any fees. Sekhon and fellow co-founder Shivam Shah, the company’s COO, wanted to create a service without the baggage of legacy card systems and hidden fees.
The payment system relies on smartphones along with dynamic, secure QR codes, which a driver scans at a fuel dispenser or Piston point-of-sale terminal, Sekhon noted. Geolocation checks and other validation measures help prevent fraud.
“[U]nlike traditional fuel cards, if a physical card is stolen, fraudulent transactions can occur immediately,” Sekhon said.
While fuel cards have been around for decades, fuel card skimmers in more recent years have highlighted concerns and the need for security layers.
Other fuel payment app competitors are also making moves. ONRAMP and Relay Payments both partnered with Love’s Travel Shops last year, while Circle K recently launched its own fleet payment app.
