Cairo-based fintech startup Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding, the company announced on Tuesday. The funding will be used to expand the startup’s regional footprint, grow its acceptance network, and enhance AI capabilities including fraud detection and route optimization.
Founded in September 2022 by Amr Gamal and Ziad Eladawy, Octane provides a digital platform that consolidates all fleet-related expenses into a single closed-loop wallet. Unlike traditional fuel cards, the platform handles fuel, maintenance, spare parts, and petty cash through one unified system, giving fleet operators real-time controls and analytics that typically reduce avoidable fuel and mileage costs by double-digit percentages.
The startup has built Egypt’s largest fleet-payment coverage network, now spanning 2,400 petrol stations through seven station providers including Ola, Taqa, CPC, Watanya, Emirate Misr, Petromin, and Mobil, plus 400 CNG outlets nationwide. The platform serves over 950 corporate clients managing more than 150,000 vehicles, with the company claiming customers can save up to 35% of their fuel expenses.
Octane’s platform currently supports diesel, gasoline, and CNG payments, with EV-charging capabilities being rolled out at pilot locations to accommodate the shift toward cleaner mobility solutions.
“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 fraud detection and route optimization features, and stay ahead of the shift toward cleaner, more efficient mobility.”
Laila Hassan, General Partner at Algebra Ventures, highlighted the scale of inefficiencies in the fleet management market: “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.”
The funding comes as fleet owners face rising logistics costs and volatile fuel prices, creating demand for smarter expense-management tools. Tamer Azer, Partner at Shorooq, noted that while the first wave of mobility digitization moved people and the second moved goods, “the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure.”
Globally, integrated fleet-expense platforms are gaining momentum, with established players like Corpay and WEX proving demand for centralized fuel and maintenance payments, while newer fintechs such as Coast and Fleetio introduce modern digital-first tools. Octane is bringing this proven model to Egypt and the broader MENA region, combining a local acceptance network with controls and analytics tailored to regional tax and compliance requirements.
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