Grace Ashiru
Cairo-based fintech startup Octane has secured $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding. Founded in 2022, Octane provides a digital payments and analytics platform designed specifically for fleet operators and is now gearing up for expansion across Egypt and the broader Middle East and North Africa (MENA) region.
At the heart of Octane’s offering is a closed-loop digital wallet that streamlines all on-road fleet expenses—such as fuel, maintenance, parts, and petty cash—into a single platform. Unlike traditional fuel card systems, Octane’s platform delivers real-time visibility and control, enabling fleet managers to minimize waste, identify misuse, and optimize operational costs. The company reports that its clients often achieve double-digit reductions in avoidable fuel and mileage expenses.
Octane’s wallet currently supports payments for diesel, gasoline, compressed natural gas (CNG), and is actively piloting electric vehicle (EV) charging at select sites. The platform is also enhanced with AI-powered analytics, spending controls, and fraud detection tools.
“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 allows us to expand our acceptance network, grow our AI-powered capabilities, and stay ahead of the curve in the shift toward cleaner, more efficient mobility—all without adding complexity for our customers.”
Since launching in September 2022, Octane has built Egypt’s largest fleet-payment acceptance network, covering more than 2,400 petrol stations and 400 CNG outlets. The company serves over 1,600 corporate clients, collectively managing a fleet of approximately 250,000 vehicles. Octane now employs 200 staff and recently earned an EEA Award for Rising Entrepreneurs of the Year.
Globally, the market for fleet expense-management platforms is accelerating. Established players like Corpay and WEX offer centralized fuel and maintenance payments, while newer companies such as Coast and Fleetio are developing more agile, digital-first solutions. Octane is localizing this model for the MENA region—building a robust acceptance network while adapting its platform to regional fuel, tax, and compliance frameworks.
“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. “Their vision goes beyond fuel—laying the financial infrastructure for B2B transactions across Egypt’s logistics and mobility sectors.”
Algebra Ventures, a Cairo-based VC firm, has been backing transformative tech companies in Egypt and Africa since 2016. Its first fund totaled $54 million, and in 2022, it closed a second fund worth $100 million. The firm invests across various stages—from seed to Series B.
From an investor’s viewpoint, Octane is solving a core infrastructure problem. “The first wave of mobility digitization moved people; the second moved goods. But enterprise logistics still lacked the financial rails to operate efficiently,” noted Tamer Azer, Partner at Shorooq Partners, a MENA-focused investment firm established in 2017. “Octane is building that infrastructure. It’s redefining financial technology and access tools for fleet managers across the region.”
Shorooq Partners, which is regulated by the ADGM Financial Services Regulatory Authority, invests in early and growth-stage startups across fintech, software, and deep tech. Its portfolio includes companies like Pure Harvest, Nymcard, Tamara, and Lean Technologies.
As fuel prices fluctuate and logistics costs climb, fleet operators in the region are increasingly seeking smarter, more efficient tools to manage their expenses. Octane’s blend of real-time analytics and extensive merchant acceptance gives it a competitive advantage in MENA markets that are still underserved by traditional banking systems.
Looking ahead, Octane plans to extend its footprint to Gulf and North African countries, where fragmented payment infrastructures and rising transportation costs continue to challenge logistics providers and delivery companies.
With solid investor support, a growing user base, and rising demand for digital fleet solutions, Octane is well-positioned to lead the charge in modernizing fleet expense management throughout the MENA region.
