Octane, a fintech firm specializing in digital payment solutions for fleet operations, has successfully raised $5.2 million in a funding round aimed at accelerating its regional growth and technological development.
Launched in 2022 and headquartered in Cairo, Octane has established itself as a leader in Egypt’s fleet payment ecosystem.
The company provides a closed-loop digital wallet designed specifically for fleet operators, facilitating streamlined transactions for fuel, vehicle maintenance, consumables, and petty cash.
The system is equipped with built-in spend controls and analytical tools to help businesses curb financial inefficiencies and boost regulatory compliance.
Currently, Octane operates Egypt’s most extensive fleet-payment acceptance network, serving more than 1,600 corporate clients.
With the new funding injection, the company plans to broaden its services throughout the Middle East and North Africa (MENA) region. This latest round was spearheaded by Shorooq Partners, Algebra Ventures, and SC Holding.
Co-founder and CEO Amr Gamal emphasized the company’s mission to simplify and optimize fleet-related expenditures.
“Our platform is designed to give fleet managers the infrastructure they need to execute everyday transactions efficiently,” Gamal said.
“This investment will enable us to enhance our AI-driven tools, such as fraud detection and route optimization, while expanding our acceptance footprint across the region.”
Algebra Ventures’ General Partner, Laila Hassan, noted the startup’s practical approach to a widespread issue in logistics. “Octane tackles a billion-dollar challenge with clarity and innovation,” Hassan commented.
With this fresh capital, Octane is positioned to not only reinforce its existing technology but also lead the charge in transforming mobility and operational finance across MENA’s fleet management landscape.
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