Octane, a fintech startup based in Cairo, has recently announced a successful funding round of $5.2 million led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding. The company, founded in 2022, specializes in providing a digital payments and analytics platform tailored for fleet operators and is now preparing for expansion across Egypt and the wider Middle East and North Africa (MENA) region.
At the core of Octane’s platform is a closed-loop digital wallet that consolidates all on-road fleet expenses, including fuel, maintenance, parts, and petty cash, into a single platform. Unlike traditional fuel card systems, Octane’s platform offers real-time visibility and control, empowering fleet managers to reduce waste, detect misuse, and optimize operational costs. Clients of the company have reported significant reductions in avoidable fuel and mileage expenses, often in double digits.
Currently, Octane’s wallet supports payments for diesel, gasoline, compressed natural gas (CNG), and is also piloting electric vehicle (EV) charging at selected sites. The platform is enhanced with AI-powered analytics, spending controls, and fraud detection tools to further support fleet management efficiency.
Amr Gamal, co-founder and CEO of Octane, stated, “We’re focused on providing fleets with the necessary tools to manage day-to-day payments with precision. This funding will enable us to expand our acceptance network, enhance our AI capabilities, and stay ahead of the curve in the transition towards cleaner and more efficient mobility, all while keeping the process simple for our customers.”
Since its launch in September 2022, Octane has established Egypt’s largest fleet-payment acceptance network, covering over 2,400 petrol stations and 400 CNG outlets. The company serves more than 1,600 corporate clients, collectively overseeing a fleet of approximately 250,000 vehicles. With a team of 200 employees, Octane recently received an EEA Award for Rising Entrepreneurs of the Year.
The global market for fleet expense-management platforms is rapidly growing, with established players like Corpay and WEX offering centralized fuel and maintenance payments. 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.
Looking ahead, Octane plans to expand its presence to Gulf and North African countries, addressing the fragmented payment infrastructures and rising transportation costs that challenge logistics providers and delivery companies in those regions.
With strong investor support, a growing user base, and increasing demand for digital fleet solutions, Octane is well-positioned to lead the modernization of fleet expense management throughout the MENA region.
