Fintech company Piston Technologies is planning to raise around $10-12 million in series A funding by June, 2025 to expand its business in the US.
San Francisco based Piston, a digital payment solutions provider, has recently secured an early stage investment of $1.2 million from Pear VC, a Silicon Valley-based early-stage venture capital firm.
“We want to raise capital to grow fast, but we also want to be conscious about it. The next round should probably be $10-12 million. We will see how it goes. We will try to raise as little as possible,” said Shivam Shah, COO & Founder, Piston Technologies Inc.
“Our current investor will continue to participate in the fund raising. We are obviously in talks with other investors as well. Maybe we will get a mix of all,” Shah said.
Shah of Kolkata teamed up with Vikram Sekhon to set up Piston Technologies in October 2023. Its platform has introduced features designed to enhance the B2B payment experience in the US. The QR-based technology enables direct B2B transactions, eliminating the need for intermediaries, while offering cost savings by bypassing traditional payment processors.
Shah said the proposed series A fund raising is to support market expansions in North America.
“It will be for expansion and to build our sales, engineering and R&D team. Because we want to add a lot of product lines,” he said.
The company plans to stick to the US and the North American markets for now, while India will continue to be its hub for development, engineering and customer support operations.
“In our Kolkata office, we have around 25 people. We want to expand to around 500 people by 2026. The core team in Kolkata has been working on engineering for building products,” Shah added.
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Published on December 27, 2024
https://www.thehindubusinessline.com/companies/fintech-company-piston-plans-to-raise-10-12-million-in-series-a-funding-to-expand-business-in-us/article69034056.ece
