Octane raises $5.2mln to transform MENA's fleet payments
Egypt's leading digital platform for fleet and on-road expense management Octane has closed a $5.20 million funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding.
Octane will use the new capital to expand its network, boost its technology stack, and support the company's growth across Egypt and the wider MENA region, according to a press release.
It secures a single closed-loop digital wallet that consolidates fuel, maintenance, spare parts, petty cash, and more into one platform.
The solution backs diesel, gasoline, and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs.
Amr Gamal, Co-Founder and CEO of Octane, commented: 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.'
Established in September 2022, Octane has built Egypt's largest fleet-payment coverage, currently spanning 2,400 petrol stations and 400 CNG outlets nationwide.
Laila Hassan, General Partner at Algebra Ventures, indicated: 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors.'
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
Egypt's SODIC begins early delivery of VYE residential project in New Zayed
Egyptian developer SODIC announced on Tuesday that it has commenced early handovers of units at VYE, its flagship residential development in New Zayed. The 108 units being delivered in June forms part of over 1,700 units scheduled for delivery throughout 2025, the EGX-listed developer said in a press statement. VYE is positioned as a next-generation, sustainable community and is home to the largest solar-powered residential project in Africa and the second largest in the Middle East. 'Delivering VYE ahead of schedule is more than just a construction milestone; it reflects our unwavering commitment to our clients,' said Ayman Amer, General Manager at SODIC. Life style amenities scheduled for delivery include the VYE Town Centre (early 2026), the Karmell Hub (mid-2026), and a community clubhouse set for completion by end-2027. SODIC is majority-owned by the Abu Dhabi-based consortium of Aldar and ADQ with Aldar being the controlling investor (70 percent) in the consortium. (Writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
8 hours ago
- Zawya
Fawry sees $400,000 trading transaction on EGX for ESOP
Fawry for Banking Technology and Electronic Payment witnessed a trading transaction valued at EGP 19.915 million, the Egyptian Exchange (EGX) announced on June 17th. The transaction was executed on the company's issued 3.493 million shares as part of the employee stock ownership plan (ESOP). In the first quarter (Q1) of 2025, Fawry reported 97.13% year-on-year (YoY) higher consolidated profits attributable to the parent company at EGP 605.378 million, compared to EGP 307.089 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
8 hours ago
- Zawya
Octane raises $5.2mln to transform MENA's fleet payments
Egypt's leading digital platform for fleet and on-road expense management Octane has closed a $5.20 million funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding. Octane will use the new capital to expand its network, boost its technology stack, and support the company's growth across Egypt and the wider MENA region, according to a press release. It secures a single closed-loop digital wallet that consolidates fuel, maintenance, spare parts, petty cash, and more into one platform. The solution backs diesel, gasoline, and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. Amr Gamal, Co-Founder and CEO of Octane, commented: 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Established in September 2022, Octane has built Egypt's largest fleet-payment coverage, currently spanning 2,400 petrol stations and 400 CNG outlets nationwide. Laila Hassan, General Partner at Algebra Ventures, indicated: 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors.' All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
