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.'
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