Cairo-based fintech startup Octane has raised $5.2 million in a funding spherical led by Shorooq Companions, Algebra Ventures, and SC Holding, the corporate introduced on Tuesday. The funding will likely be used to broaden the startup’s regional footprint, develop its acceptance community, and improve AI capabilities together with fraud detection and route optimization.
Based in September 2022 by Amr Gamal and Ziad Eladawy, Octane offers a digital platform that consolidates all fleet-related bills right into a single closed-loop pockets. In contrast to conventional gasoline playing cards, the platform handles gasoline, upkeep, spare components, and petty money by way of one unified system, giving fleet operators real-time controls and analytics that usually scale back avoidable gasoline and mileage prices by double-digit percentages.
The startup has constructed Egypt’s largest fleet-payment protection community, now spanning 2,400 petrol stations by way of seven station suppliers together with Ola, Taqa, CPC, Watanya, Emirate Misr, Petromin, and Mobil, plus 400 CNG retailers nationwide. The platform serves over 950 company purchasers managing greater than 150,000 autos, with the corporate claiming prospects can save as much as 35% of their gasoline bills.
Octane’s platform presently helps diesel, gasoline, and CNG funds, with EV-charging capabilities being rolled out at pilot places to accommodate the shift towards cleaner mobility options.
“At Octane, we’re targeted on giving fleets the rails they should handle day-to-day funds with precision,” stated Amr Gamal, Co-Founder and CEO of Octane. “This funding lets us broaden our acceptance community, broaden AI-powered fraud detection and route optimization options, and keep forward of the shift towards cleaner, extra environment friendly mobility.”
Laila Hassan, Common Companion at Algebra Ventures, highlighted the dimensions of inefficiencies within the fleet administration market: “In a market the place billions leak by way of inefficiencies and fraud, Octane brings actual accountability and management to fleet operators. Their imaginative and prescient extends far past gasoline, laying the rails for B2B transactions throughout Egypt’s logistics and mobility sectors.”
The funding comes as fleet homeowners face rising logistics prices and unstable gasoline costs, creating demand for smarter expense-management instruments. Tamer Azer, Companion at Shorooq, famous that whereas the primary wave of mobility digitization moved folks and the second moved items, “the enterprise house lacked the funds and expense-management infrastructure to allow it. Octane is constructing that infrastructure.”
Globally, built-in fleet-expense platforms are gaining momentum, with established gamers like Corpay and WEX proving demand for centralized gasoline and upkeep funds, whereas newer fintechs reminiscent of Coast and Fleetio introduce fashionable digital-first instruments. Octane is bringing this confirmed mannequin to Egypt and the broader MENA area, combining a neighborhood acceptance community with controls and analytics tailor-made to regional tax and compliance necessities.
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