9 hours ago
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.
