Egypt-based fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding to expand its unified fleet expense platform across the Middle East and North Africa (MENA) region.
The Cairo startup, founded in 2022 by Amr Gamal and Ziad Eladawy, simplifies how companies manage fuel and fleet-related payments. With this fresh capital, Octane aims to expand its acceptance network, enhance its AI-powered tools, and solidify its position in a market plagued by inefficient, analogue payment systems.
A unified digital wallet for fleet expense management
Octane offers a digital alternative to traditional fuel cards by combining all fleet-related expenses—fuel, repairs, maintenance, spare parts, and petty cash into a single closed-loop wallet. Its platform comes with real-time expense controls and smart analytics that help fleet operators cut avoidable fuel and mileage costs.
Already compatible with diesel, gasoline, and CNG, the platform is also piloting support for electric vehicle charging to keep up with evolving energy needs. The company claims to serve over 1,600 corporate clients and cover roughly 250,000 vehicles. Its footprint includes access to more than 2,800 petrol and CNG stations across Egypt, making it the country’s most extensive digital fleet-payment network.
CEO Amr Gamal describes Octane’s mission as building rails for fleet payments. “We’re focused on giving fleets the precision tools they need to manage payments efficiently without added complexity,” he said.
Investor backing and market traction
Octane’s investors are betting big on its role in digitising logistics payments. “In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators,” 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.”
Tamer Azer from Shorooq Partners echoed this, stating that Octane is redefining financial technology and access products for fleet managers in a space that previously lacked robust infrastructure. Shorooq has experience backing logistics and payments innovators, including platforms like TruKKer and Lean.
Octane’s model follows a growing global trend. In mature markets, legacy players such as WEX and Corpay dominate, while newer fintechs like Coast and Fleetio are introducing modern tools for fleet expense management. Octane brings this innovation to the MENA region, adding localisation for tax systems, fuel types, and regulatory needs.
Octane’s vision for regional expansion
Octane plans to use the funding to scale its operations within Egypt and expand across the MENA region, where demand for cost-saving logistics tools is increasing. Its AI capabilities, particularly for fraud detection and route planning, will be key in helping clients protect their margins in the face of rising fuel costs.
As the region continues to digitise, Octane is positioning itself as the go-to platform for companies that operate large fleets and need transparent, centralised, and intelligent expense management. In a market where outdated systems still dominate, Octane’s digital wallet may be the upgrade fleet operators have been waiting for.