Egyptian startup Octane has raised $5.2 million to expand its fleet payment platform across the Middle East and North Africa. The Cairo-based company helps fleets manage their spending on fuel, maintenance, and other road expenses through a single digital wallet.
The funding round was led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding. The money will help Octane grow its payment network and improve its technology across Egypt and the broader MENA region.
Founded in 2022, Octane has already built Egypt’s largest fleet payment network. The company now serves over 1,600 corporate clients who use its platform to pay for fuel, maintenance, spare parts, and other expenses.
“At Octane, we’re focused on giving fleets the rails they need to manage day-to-day payments with precision. 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.” said Amr Gamal, co-founder and CEO of Octane.
The company’s platform works differently from traditional fuel cards. Instead of separate cards for different expenses, Octane offers one digital wallet that handles all fleet spending. This gives companies better control over their costs and helps them spot problems like fraud or waste.
Fleet managers can see real-time data about their spending and set limits on how much drivers can spend. The platform also uses AI to spot unusual spending patterns and help plan better routes for drivers.
Octane’s platform has helped companies cut their fuel and mileage costs by giving them better visibility into where their money goes. The company says billions of dollars are wasted each year through inefficient fleet management and fraud in the MENA region.
“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.” said Laila Hassan, general partner at Algebra Ventures.
The fleet management market is growing quickly around the world. Companies like Corpay, WEX, Coast, and Fleetio have built successful businesses helping companies manage their fleet expenses in more developed markets. Octane is trying to bring similar solutions to the MENA region, where such services have been limited.
“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 Partners.
With the new funding, Octane plans to expand beyond Egypt into other countries in the Gulf and North Africa. These markets have fragmented payment systems and growing demand for better fleet management tools.
The company will use the money to add more gas stations and service providers to its network. It will also invest in improving its AI technology for fraud detection and route planning. Octane wants to stay ahead of changes in the transportation industry, including the move toward electric and cleaner vehicles.
Octane’s growth comes as businesses across MENA look for ways to cut costs and improve efficiency. The company’s platform helps them do both by giving them better control over one of their biggest expenses – keeping their vehicles on the road.
The startup’s quick growth shows there’s strong demand for better fleet management tools in the region. In just two years, Octane has become a major player in Egypt’s fleet payment market and is now ready to expand across MENA.
