Latest news with #Octane
Zawya
an hour ago
- Business
- 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. (
CairoScene
2 hours ago
- Business
- CairoScene
Octane Raises $5.2 Million to Expand Fleet Payments Platform in MENA
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.
Wamda
6 hours ago
- Business
- Wamda
Egypt's Octane raises $5.2 million to digitize fleet payments across MENA
Egyptian fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding. The Cairo-based startup, co-founded by Amr Gamal and Ziad Eladawy in 2022, provides a digital platform that consolidates all fleet-related expenses—including fuel, maintenance, and petty cash—into a single closed-loop wallet. The new funding will be used to expand Octane's regional footprint, acceptance network, and AI capabilities, including fraud detection and route optimisation. Press release: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding. The new capital will accelerate the expansion of Octane's acceptance network, deepen its technology stack and support the company's growth across Egypt and the wider Middle East and North Africa (MENA) region. Unlike traditional fuel cards, Octane delivers a single closed-loop digital wallet that consolidates every on-road expense—fuel, maintenance, spare parts, petty cash and more into one platform. Real-time controls and analytics give fleet operators clear visibility, typically trimming avoidable fuel and mileage costs by double-digit percentages. The solution already supports diesel, gasoline and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. '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.' Since its founding in September 2022, Octane has rapidly built Egypt's largest fleet-payment coverage, now spanning 2,400 petrol stations and 400 CNG outlets nationwide. More than 1,600 corporate clients with a total fleet of ~250,000 vehicles rely on the platform to streamline fleet spending, and the company's headcount has grown to 200 employees. Octane's innovative approach earned an EEA Award for Rising Entrepreneurs of the Year. 'What drew us to Octane wasn't just the size of the problem they're tackling – it was the clarity and precision of their solution,' said Laila Hassan, General Partner at Algebra Ventures. '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. We're proud to back a team that's solving today's pain points while setting the foundation for a more efficient, transparent future.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. 'The first wave of digitisation of mobility companies moved people; the second wave moved goods. But unlike the consumer space, the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure,' said Tamer Azer, Partner at Shorooq. 'Octane is redefining financial technology and access products for fleet managers, and we're excited to support them as they scale their world-class technology to every company that operates a fleet across the MENA region.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralised fuel and maintenance payments, while newer fintechs like Coast and Fleetio are introducing modern, digital-first tools. Octane is bringing this proven model to Egypt and the MENA region, pairing a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements, giving operators automation and insight previously available only in mature markets. With its robust network, proprietary technology and growing customer base, Octane is well poised to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency.
Zawya
10 hours ago
- Automotive
- Zawya
Octane secures $5.2mln to transform fleet payments across MENA
Cairo, Egypt: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised US $5.2 million in a funding round led by Shorooq, Algebra Ventures and Elsewedy Capital Holding. The new capital will accelerate the expansion of Octane's acceptance network, deepen its technology stack and support the company's growth across Egypt and the wider Middle East and North Africa (MENA) region. Unlike traditional fuel cards, Octane delivers a single closed-loop digital wallet that consolidates every on-road expense—fuel, maintenance, spare parts, petty cash and more into one platform. Real-time controls and analytics give fleet operators clear visibility, typically trimming avoidable fuel and mileage costs by double-digit percentages. The solution already supports diesel, gasoline and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. '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-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Since its founding in September 2022, Octane has rapidly built Egypt's largest fleet-payment coverage, now spanning 2,400 petrol stations and 400 CNG outlets nationwide. More than 1,600 corporate clients with a total fleet of ~250,000 vehicles rely on the platform to streamline fleet spending, and the company's headcount has grown to 200 employees. Octane's innovative approach earned an EEA Award for Rising Entrepreneurs of the Year. 'The first wave of digitization of mobility companies moved people; the second wave moved goods. But unlike the consumer space, the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure,' said Tamer Azer, Partner at Shorooq. 'Octane is redefining financial technology and access products for fleet managers, and We're excited to support them as they scale their world-class technology to every company that operates a fleet across the MENA region.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. 'What drew us to Octane wasn't just the size of the problem they're tackling - it was the clarity and precision of their solution,' said Laila Hassan, General Partner at Algebra Ventures. '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. We're proud to back a team that's solving today's pain points while setting the foundation for a more efficient, transparent future.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralized fuel and maintenance payments, while newer fintechs like Coast and Fleetio are introducing modern, digital-first tools. Octane is bringing this proven model to Egypt and the MENA region, pairing a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements, giving operators automation and insight previously available only in mature markets. With its robust network, proprietary technology and growing customer base, Octane is well-positioned to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency. About Octane Founded in 2022, Octane is a Cairo-based fintech offering a closed-loop digital wallet for fleets. The platform enables payments for fuel (diesel, gasoline, CNG and emerging EV charging), maintenance, petty cash and consumables, complemented by spend controls and analytics that reduce waste and improve compliance. Octane operates Egypt's largest fleet-payment acceptance network, serves more than 1,600 corporate clients and is expanding across MENA. About Shorooq Established in 2017, Shorooq is a multi-dimensional investment firm focused on fintech, platforms, software and deep-tech companies across MENA and beyond. Regulated by the ADGM Financial Services Regulatory Authority (FSP: 190004), Shorooq backs category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. About Algebra Ventures Algebra Ventures is a tech-focused venture-capital firm partnering with resilient founders building transformative companies in Egypt and across Africa. Algebra raised a US $54 million fund in 2016 and a US $100 million second fund in 2022. The firm is a multi-stage investor supporting founders from seed to Series B and provides strategic guidance, co-investment access and talent development.' Media Contacts: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
Yahoo
22-05-2025
- Automotive
- Yahoo
Octane Earns a 2025 FICO Decision Award; Responsibly Expands Credit Access with FICO Auto Score 10
Fintech company uses FICO® Auto Score 10 to help grow originations by 36% and responsibly expand credit access in the recreational market, including Powersports, RV, and Outdoor Power Equipment Highlights: In 2024, Octane grew originations by 36% year-over-year and closed four AAA-rated asset-backed securitizations, surpassing $4B in asset-backed securitization to date*. By leveraging FICO® Auto Score 10 alongside its own proprietary credit model to support its risk program, Octane helped its 4000 dealer partners instantly prequalify their customers. Octane has won a 2025 FICO® Decision Award for Customer Onboarding & Management for its technological innovation, streamlined onboarding process, and commitment to responsibly expanding credit access. BOZEMAN, Mont., May 22, 2025--(BUSINESS WIRE)--Global analytics software leader FICO today announced that Octane (Octane Lending, Inc.), the fintech revolutionizing the buying experience for major recreational purchases, earned a 2025 FICO® Decision Award for Customer Onboarding and Management. Since 2016, Octane has partnered with FICO to support its risk management and responsibly expand credit access. Octane has transformed the financing experience for recreational markets with its digital tools, credit products, and technology-powered end-to-end financing experience. Octane uses FICO® Auto Score 10, part of the most powerful and predictive FICO® Score suite to-date, and its own Octane Score, to more accurately assess the risk of an enthusiast making lifestyle purchases. By focusing on predictive analytics, Octane has expanded credit access while maintaining the highest risk management standards. "We're proud to transform the financing experience with our powerful technology and unique end-to-end product suite. By building strong risk programs, we ensure that our business remains profitable and we continue to support our partners," said Mark Molnar, Chief Risk Officer at Octane. "FICO Auto Score 10 underpins our risk management capabilities and positions us for long-term growth as we continue to serve our partners with innovative technology and best-in-class offerings." More information: Octane offers merchants a technology platform and end-to-end product suite to help them offer a seamless financing experience to customers, increasing dealer and OEM sales and profitability. In 2024, Octane increased originations by 36% year-over-year by developing unique lead generation and customer engagement technology, as well as offering innovative financing products that integrate FICO® Auto Score 10. Octane's award-winning prequalification tool, Prequal Flex®, allows its 1,200 users to embed a unique-to-them financing link or QR code into their online and in-person marketing. Prequal Flex features a soft credit pull that doesn't impact a buyer's credit score until a contact is generated, empowering more customers to take the first step in the buying process. As a result, it's easier for dealers to connect with new customers, understand a customer's buying power, and close more deals. In 2024, Octane introduced Dealer Portal 2.0, the most advanced version of its industry-leading dealer financing platform, which offers smarter, faster credit decisions, reducing the time it takes for dealers to close deals. "Octane has proven to be an innovative leader in the fintech and powersports industry," said Julie May vice president and general manager of scores at FICO. "The company has achieved remarkable success by leveraging FICO Auto Score 10 and building a seamless, end-to-end customer experience designed to empower its customers and partners alike." "Octane isn't just streamlining financing—it's making it easier for people to turn their passions into reality," said Joe McKendrick, analyst and senior contributor at Forbes, one of the FICO Decision Awards judges. "Octane's ability to balance risk management with a seamless customer experience stood out to the judges. By integrating smart credit decisioning, it's giving more consumers access to recreational purchases while helping dealers grow their businesses." As a result of its strong risk management and credit performance, Octane has developed a robust capital markets program driven in large part by its use of FICO® Scores; it has issued more than $4 billion of asset-backed securities (ABS) since its ABS program began in 2019. In 2024, Octane's program closed four asset-backed securitizations, including OCTL 2024-RVM1, the first securitization backed wholly by RV and Marine collateral in twenty years. Through this program, the company has also sold or entered into forward flow commitments of over $2 billion since its first whole-loan sale in late 2023 and has originated more than $6 billion in aggregate originations. About FICO® Auto Score 10 Developed using recent credit bureau data and designed to be backward compatible, FICO® Auto Score 10 provides greater predictive power over all previous versions of FICO® Auto Scores without sacrificing the trusted FICO® Score minimum scoring criteria and user experience. About the FICO® Decision Awards The FICO Decisions Awards recognize organisations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2025 judges are: Regan Goble, risk analytics senior manager at Westpac NZ (Previous Winner) Megha Kumar, research vice president at IDC Joe McKendrick, analyst and senior contributor at Forbes Luiz Pacete, technology and marketing industry influencer Ali Paterson, founder and editor-in-chief at Fintech Finance Mike Roberts, head of unsecured retail risk at HSBC UK bank (Previous Winner) Erin Stillwell, EVP, payment partnerships at Blankfactor Allan Tan, group editor-in-chief at Cxociety *The full analysis for S&P's ratings, including any updates, which you should review and understand, is available on and can be accessed here. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at Join the conversation at & For FICO news and media resources, visit FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries. 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