
Octane Raises $5.2 Million to Expand Fleet Payments Platform in MENA
Egyptian fleet-expense startup Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures and SC Holding to grow its operations in Egypt and the wider MENA region.
Octane, an Egypt-based digital platform for managing fleet and on-road expenses, has secured $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding.
Founded in September 2022, Octane offers a closed-loop digital wallet that consolidates fuel, maintenance, spare parts, and petty cash payments into a single platform. The solution provides fleet operators with real-time control and analytics, helping reduce avoidable fuel and mileage costs by double-digit percentages. It currently supports diesel, petrol and CNG payments, with EV charging capabilities being piloted.
Since its launch, Octane has built the largest fleet-payment network in Egypt, with coverage across 2,400 petrol stations and 400 CNG outlets nationwide. Over 1,600 corporate clients, representing a combined fleet of around 250,000 vehicles, use the platform to manage on-road expenses. The startup now employs 200 staff members and was recently recognised with an EEA Award for Rising Entrepreneurs of the Year.
"At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,' said Amr Gamal, Co-Founder and CEO of Octane. 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.'
Octane enters a global market that is seeing increased demand for integrated fleet-expense solutions. While established players like Corpay and WEX have demonstrated the viability of consolidated payment models, newer fintechs such as Coast and Fleetio are driving digital-first adoption. Octane aims to bring this model to Egypt and the region, integrating local tax and compliance needs with advanced automation and insight tools.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily News Egypt
4 hours ago
- Daily News Egypt
MSMEDA teams up with Franchise International to drive Arab franchising growth
The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has partnered with Franchise International—one of Saudi Arabia's leading national franchising institutions—to support and empower Egyptian and Saudi brands, accelerate franchise operations, and prepare local businesses for expansion into regional and international markets. The move comes in line with directives from Egypt's political leadership to strengthen the SME sector, enhance its access to foreign markets, and boost its contribution to the national economy. Basil Rahmy, CEO of MSMEDA, said the cooperation is part of preparations for the Egyptian-Saudi International Franchise Exhibition, scheduled for early 2026. Billed as the largest event of its kind in the Arab world, the exhibition is expected to feature over 300 brands from Egypt, Saudi Arabia, and global markets, with strong participation from government bodies and investment authorities from both countries. Rahmy explained that the initiative aims to launch practical programmes to accelerate franchise operations in Egypt and upgrade local brands to international competitiveness standards. The event will also host the latest edition of the Arab Franchise Award, recognising innovation and excellence across the region's franchising sector. He emphasised the importance of partnering with Franchise International, noting that the initiative aligns with the directives of Prime Minister Mostafa Madbouly—who chairs MSMEDA's board of directors—to support Egyptian brands, particularly those driven by entrepreneurs, and help them sustain growth and expand internationally. Rahmy added that the exhibition would provide extensive support to the development of franchising in Egypt and Saudi Arabia, creating opportunities for entrepreneurs and boosting entrepreneurship. Abeer Abdullah Julaikh, Chairperson of Franchise International and organiser of the exhibition, welcomed the cooperation with MSMEDA, describing the agency as one of the most influential Arab institutions dedicated to SME development. She said the partnership marks 'a new and qualitative phase' in advancing the Arab franchising sector and strengthening the presence of Saudi and Egyptian brands in both markets, leveraging her institution's long-standing expertise in organising international specialised forums. Both parties underlined that the exhibition will serve as a strategic platform to enhance Arab cooperation in franchising, build strong economic bridges between Arab entrepreneurs, and create investment opportunities in regional and global markets, contributing to sustainable development. Raafat Abbas, General Supervisor of Development Sectors at MSMEDA, highlighted that expanding Egypt's franchise sector is one of the agency's current strategic priorities. This includes improving the business environment, developing the regulatory and legislative framework, and supporting both franchisors and franchisees. He stressed the importance of promoting the export of Egyptian brands by raising the quality and competitiveness of their products and services, capitalising on the growing strength of national brands capable of expansion at home and abroad. Abbas revealed that MSMEDA has already begun implementing a cooperation plan with around 70 brands across various food and service sectors as part of this strategy.


See - Sada Elbalad
7 hours ago
- See - Sada Elbalad
Egyptian Railways Launches Fifth Special Train to Facilitate Voluntary Return of Sudanese
Taarek Refaat The Egyptian National Railways launched its fifth special train today, aimed at facilitating the voluntary return of Sudanese nationals residing in Egypt. This initiative seeks to provide comprehensive support and ensure comfort for Sudanese citizens returning home amidst ongoing challenges. The move is in line with the directives of Engineer Kamel El-Wazir, Egypt's Minister of Transport and Deputy Prime Minister for Industrial Development, who emphasized the importance of strengthening historical and fraternal ties between Egypt and Sudan. The special train, identified as Journey No. 1940, departed from Cairo's main railway station, bound for Aswan, carrying hundreds of Sudanese families. In response to the large number of passengers, the Egyptian Railways coordinated detailed organizational measures to ensure a smooth and safe journey. This includes dedicated reception teams at stations, special assistance for elderly travelers, and a supportive environment onboard, aimed at creating an atmosphere of security and comfort. In addition to the supportive measures, the train is equipped with a luggage transport wagon to accommodate the personal belongings of passengers, ensuring that their needs are met throughout the journey. Many Sudanese passengers expressed their heartfelt appreciation for the well-organized travel process and the kindness shown by the Egyptian authorities. They emphasized the sense of brotherhood and solidarity they felt from their Egyptian hosts, starting from their reception at the stations to their departure for Sudan. This spirit of cooperation has left an indelible mark on their hearts, and many expressed gratitude for the support they received during this challenging time. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated


See - Sada Elbalad
9 hours ago
- See - Sada Elbalad
Egypt's Stock Exchange Launches "EGX" App to Boost Market Accessibility, Digital Transformation
Taarek Refaat In a significant leap toward digital transformation, the Egyptian Exchange (EGX) officially launched its first smart mobile application on Sunday, marking a milestone in modernizing market access and investor engagement. The newly introduced app, named 'EGX', is designed to provide real-time market updates and facilitate broader access to stock market information for investors, traders, and financial analysts. The launch reflects EGX's strategic objective to deepen market liquidity and expand investor outreach by embracing innovative digital solutions. 'This app offers a user-friendly, interactive experience that allows market participants to stay informed instantly on the latest market trends, stock movements, and index summaries,' the exchange said in a press statement. The app's release comes in the form of an open beta, allowing users to explore its features and contribute to its evolution through feedback submitted via the 'Borsa Dialogue Platform.' This participatory approach underlines EGX's commitment to stakeholder engagement and iterative development. The app includes features such as: Live market news and updates, access to listed securities data, and real-time index performance summaries, as well as interactive tools for market analysis. This initiative aligns with the EGX Board of Directors' broader development strategy, particularly Objective No. 60, which focuses on modernizing the exchange's systems and applications. The goal is to enhance the efficiency of information dissemination, increase transparency, and support better investment decision-making. The digital pivot also reflects Egypt's national agenda for digital transformation and investment climate reform. Over the past few years, the Egyptian Exchange has ramped up its efforts to digitize capital market infrastructure, aligning with global standards and investor expectations. The app is expected to play a crucial role in widening investor participation, especially among younger, tech-savvy users and international players seeking efficient access to the Egyptian capital market. By offering timely and accurate data at users' fingertips, EGX aims to attract a more diverse pool of participants and enhance overall market depth. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated