Cairo-based fintech startup Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding. The company, founded in 2022, provides a digital payments and analytics platform tailored to fleet operators, and is now preparing to expand across Egypt and the wider Middle East and North Africa (MENA) region.
Octane’s core product is a closed-loop digital wallet that consolidates all fleet-related on-road expenses — including fuel, maintenance, parts, and petty cash — into one platform. Unlike traditional fuel cards, the system offers real-time visibility and controls, allowing fleet managers to reduce waste, flag misuse, and optimize costs. The company says its clients often cut avoidable fuel and mileage costs by double-digit percentages.
Its offering already supports diesel, gasoline, and compressed natural gas (CNG), and electric vehicle (EV) charging payments are being piloted at select locations. The platform is complemented by AI-powered analytics, spend controls, and fraud detection features.
“At Octane, 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 lets us broaden our acceptance network, expand AI-powered features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.”
Since its launch in September 2022, Octane has built Egypt’s largest fleet-payment acceptance network — now spanning more than 2,400 petrol stations and 400 CNG outlets. It serves over 1,600 corporate clients, collectively managing a fleet of approximately 250,000 vehicles. The company’s workforce has also grown to 200 employees, and it recently received an EEA Award for Rising Entrepreneurs of the Year.
The market for fleet expense-management platforms is gaining momentum globally. In mature markets, players like Corpay and WEX offer centralized fuel and maintenance payments, while newer entrants such as Coast and Fleetio are developing more flexible, digital-first alternatives. Octane is adapting this model to local dynamics, building a robust acceptance network while tailoring its technology to regional tax, fuel, and compliance requirements.
“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 extends far beyond fuel, laying the rails for B2B transactions across Egypt’s logistics and mobility sectors.”
Algebra Ventures is a Cairo-based venture capital firm focused on supporting transformative technology companies in Egypt and across Africa. The firm launched its first $54 million fund in 2016 and closed a $100 million second fund in 2022. It invests across stages, from seed to Series B.
From an investor’s perspective, Octane is addressing a fundamental infrastructure gap. “The first wave of mobility digitisation moved people; the second moved goods. But enterprise logistics still lacked the financial rails to operate efficiently,” said Tamer Azer, Partner at Shorooq Partners, a MENA-based investment firm established in 2017. “Octane is building that infrastructure. It’s redefining financial technology and access products for fleet managers across the region.”
Shorooq Partners, regulated by the ADGM Financial Services Regulatory Authority, backs early- and growth-stage startups across fintech, software, and deep tech. Its portfolio includes companies like Pure Harvest, Nymcard, Tamara, and Lean Technologies.
With fuel prices remaining volatile and logistics costs on the rise, regional fleet operators are increasingly seeking smarter ways to control costs and improve operational efficiency. Octane’s positioning — combining real-time analytics with wide merchant acceptance — could give it an edge in MENA markets still underserved by traditional banking infrastructure.
Its planned expansion will target Gulf and North African countries where fragmented payment systems and rising transportation costs are pressuring margins for logistics firms and delivery businesses alike.
With strong investor backing, a growing client base, and proven demand for its product, Octane appears well-positioned to lead the charge in digitizing fleet expense management across MENA.