Octane, a top digital platform in Egypt that helps manage fleet and on-road expenses, has raised $5.2 million in funding. Shorooq, Algebra Ventures, and Elsewedy Capital Holding led the round. This new investment will help Octane grow its network, improve its technology, and expand across Egypt and the Middle East and North Africa (MENA) region.
Unlike regular fuel cards, Octane offers one smart digital wallet that brings together all types of road-related spending—like fuel, repairs, spare parts, and petty cash—into a single platform. Fleet managers get real-time data and controls, helping them cut down on unnecessary fuel use and mileage costs by significant amounts.
Octane already works with diesel, gasoline and CNG. It is now starting to roll out electric vehicle (EV) charging payments at pilot locations to match the changing needs of its customers.
“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 starting in September 2022, Octane has quickly grown to cover the largest fleet payment network in Egypt. It now works with 2,400 petrol stations and 400 CNG outlets across the country. Over 1,600 businesses, with around 250,000 vehicles, use Octane to manage their fleet expenses more easily. The company has also grown its team to 200 employees.
Octane’s innovative work has earned them 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.
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 changing a lot and logistics costs going up, fleet owners need better tools to manage their expenses and keep their profits safe.
“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 becoming more popular worldwide. Big companies like Corpay and WEX show that there is a strong need for simple ways to pay for fuel and maintenance in one place.
Newer fintech companies like Coast and Fleetio are creating modern, digital tools for this, too. Octane is bringing this successful idea to Egypt and the MENA region. They combine a wide local network with special features that follow local tax and law rules, giving fleet operators automation and insights that were only available in more developed markets before.
Thanks to its strong network, unique technology, and growing number of customers, Octane is ready to grow as more fleet owners look for innovative, data-driven ways to save money and run their operations better.
Founded in 2022, Octane is a fintech company based in Cairo that offers a digital wallet specially made for fleets. Their platform lets fleet owners pay for fuel (including diesel, gasoline, CNG, and soon electric vehicle charging), maintenance, small cash expenses, and supplies—all in one place. It also includes tools to control spending and track expenses, helping reduce waste and follow rules. Octane runs the biggest fleet payment network in Egypt, serves over 1,600 businesses, and is growing across the Middle East and North Africa (MENA) region.
Read more- Salmon Secures $88M to Expand Fintech Presence in the Philippines
