Egypt-based fleet payment platform Octane has secured $5.2 million in funding to support its rapid growth across the Middle East and North Africa. The investment round was led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding, signaling strong confidence in Octane’s regional vision. The funding will go toward expanding the company’s acceptance network, deepening its technology stack, and enabling growth beyond Egypt.
Reimagining Fleet Expense Management
Octane is transforming how businesses manage on-road operational costs by replacing traditional fuel cards with a closed-loop digital wallet. This platform consolidates payments for fuel, maintenance, spare parts, and other road expenses into a single, real-time dashboard. With built-in analytics and spend controls, Octane allows fleet operators to reduce inefficiencies and cut fuel-related expenses significantly.
Supporting Evolving Energy Needs
In response to changing energy landscapes, Octane has expanded its capabilities beyond conventional fuels. It already facilitates payments for diesel, gasoline, and compressed natural gas (CNG), while EV charging support is currently being piloted. This forward-looking integration ensures fleet clients can seamlessly adapt to emerging mobility trends without complicating their payment operations.
Founder’s Vision for Simplicity and Precision
Amr Gamal, Co-Founder and CEO of Octane, emphasized the platform’s commitment to giving fleets the tools to manage payments with accuracy and ease. He highlighted that the funding will enhance fraud detection, route optimization, and AI-powered features while broadening the company’s acceptance footprint. Gamal stressed the importance of building infrastructure that advances clean and efficient mobility without increasing operational burden for customers.
Rapid National Growth Since Launch
Founded in September 2022, Octane has quickly built Egypt’s largest fleet payment acceptance network, now reaching 2,400 petrol stations and 400 CNG locations. The platform supports over 1,600 corporate clients operating nearly 250,000 vehicles, with the company growing its team to 200 employees in under three years. Octane’s achievements have already earned recognition, including the EEA Award for Rising Entrepreneurs of the Year.
Backers Signal Confidence in Market Opportunity
Tamer Azer, Partner at Shorooq Partners, sees Octane as building the missing financial infrastructure for enterprise mobility. He noted that while digitization has transformed consumer travel and goods delivery, the fleet management space has lacked modern payment solutions—until now. Azer expressed enthusiasm for supporting Octane’s mission to deliver scalable technology across every fleet-dependent business in the region.
Solving Cost Challenges in Logistics
With logistics costs rising and fuel price volatility affecting margins, Octane is providing a vital tool for fleet operators seeking financial control. Algebra Ventures’ General Partner Laila Hassan praised Octane’s clear, efficient solution to a large-scale problem. She added that the company is laying the groundwork for broader B2B payments in Egypt’s logistics and mobility ecosystems, reflecting a long-term vision beyond immediate cost savings.
Global Trend in Integrated Fleet Solutions
Octane’s model aligns with a broader global shift toward integrated fleet-expense platforms, as seen with firms like Corpay, WEX, Coast, and Fleetio. These platforms have demonstrated strong demand for centralized fuel and maintenance payments, especially those with robust analytics. Octane brings this innovation to Egypt and the MENA region, tailored to local tax and compliance regulations, helping fleets automate operations and gain critical business insights.
With a growing user base, proprietary tech, and expanding energy capabilities, Octane is well-positioned to lead fleet fintech innovation in the region. Its ability to provide transparency, efficiency, and accountability in fleet operations fills a major gap in enterprise logistics. As more businesses seek data-driven tools to manage expenses, Octane is emerging as the go-to platform for modern fleet management in MENA.