- Octane raised USD 5.2M from Shorooq, Algebra Ventures, and Elsewedy to scale its fleet payments platform across MENA.
- The funding will expand Octane’s acceptance network, upgrade tech capabilities, and support regional growth amid a shift to cleaner mobility.
- Octane offers a digital wallet for all on-road expenses, helping fleets cut costs with real-time controls and broad fuel support.
Octane
What happened? Octane raised USD 5.2 million in a funding round led by Shorooq, Algebra Ventures and Elsewedy Capital Holding.
“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.
What is next? With the newly acquired funding, the startup aims to accelerate the expansion of its acceptance network. It also aims to deepen its technology stack and support the company’s growth across Egypt and the wider MENA region.
“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,” ” said Amr Gamal, Co-Founder and CEO of Octane.
Fleet Payment Management
Who are they? Founded in September 2022, Octane is a digital platform for fleet and on-road expense management. Since its founding, the startup has built a fleet payment coverage spanning 2,400 petrol stations and 400 CNG outlets nationwide.
How does it work? Octane is different from traditional fleet payment tools such as traditional fuel cards. These cards usually only cover fuel purchases and have a limited visibility or control.
Instead, Octane offers a single closed loop digital wallet meaning it is only usable within a set network. This allows fleet managers to pay for everything related to operation of a vehicle and not just limited to fuel. It covers fuel, maintenance, spare parts, and petty cash.
This solution supports diesel, gasoline and CNG, with EV-charging payments piloting to adapt with customers’ energy needs. Furthermore, these real-time controls and analytics give fleet operators clear visibility and trim avoidable fuel and mileage costs.
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