Octane secures $5.2mln to transform fleet payments across MENA

Octane Secures $5.2 Million to Expand Fleet Management Platform Across MENA
Octane, Egypt's leading digital platform for managing fleet and on-road expenses, has successfully raised $5.2 million in a funding round. The round was led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding. This new capital will fuel Octane's plans to expand its acceptance network, enhance its technology, and accelerate growth across Egypt and the broader Middle East and North Africa (MENA) region.

Unlike traditional fuel cards, Octane offers a unique closed-loop digital wallet that consolidates all on-road expenses—including fuel, maintenance, spare parts, and petty cash—onto a single platform. This provides fleet operators with real-time controls and analytics, typically leading to double-digit percentage reductions in avoidable fuel and mileage costs. The platform currently supports diesel, gasoline, and CNG, with EV-charging payments being piloted to meet evolving energy needs.

Driving Efficiency and Future-Proofing Mobility
Amr Gamal, Co-Founder and CEO of Octane, stated, "This funding allows us to broaden our acceptance network, expand our AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, all without adding complexity for our customers." Since its inception in September 2022, Octane has rapidly built Egypt's most extensive fleet-payment coverage, now reaching 2,400 petrol stations and 400 CNG outlets nationwide. Over 1,600 corporate clients, managing a total fleet of approximately 250,000 vehicles, rely on Octane to streamline their spending. The company has also grown to 200 employees and received an EEA Award for Rising Entrepreneurs of the Year.

Tamer Azer, Partner at Shorooq, commented, "Octane is building the essential payments and expense-management infrastructure that the enterprise mobility space has lacked. They are redefining financial technology for fleet managers, and we are excited to support their expansion across the MENA region."

Addressing Market Inefficiencies and Pioneering Regional Solutions
With volatile fuel prices and rising logistics costs, fleet owners urgently need smarter expense-management tools to protect their margins. Laila Hassan, General Partner at Algebra Ventures, noted, "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. In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control." She added that Octane's vision extends beyond fuel, aiming to lay the foundation for B2B transactions across Egypt's logistics and mobility sectors.

Globally, integrated fleet-expense platforms are gaining traction, with established players like Corpay and WEX demonstrating demand, and newer FinTechs like Coast and Fleetio introducing modern digital tools. Octane is bringing this proven model to Egypt and MENA, combining a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements. This provides operators with automation and insights previously only available in more mature markets.With its robust network, proprietary technology, and expanding customer base, Octane is well-positioned for significant growth as more fleets seek data-driven solutions to manage costs and enhance operational efficiency.