Egypt’s Octane Raises $5.2 Million to Digitise Fleet Payments Across MENA
The Cairo-based fintech startup Octane has successfully raised $5.2 million in a new funding round. The investment was co-led by a consortium of prominent regional venture capital firms, including Shorooq Partners, Algebra Ventures, and SC Holding, and will be used to fuel the company's expansion across the Middle East and North Africa.
Revolutionising Fleet Management with a Unified Digital Wallet
Founded in 2022 by Amr Gamal and Ziad Eladawy, Octane provides a specialised digital platform designed to solve the complex challenge of managing fleet expenses. The company's solution consolidates all vehicle-related costs—including fuel, maintenance, and petty cash—into a single, closed-loop digital wallet. This gives businesses unprecedented control and visibility over their fleet's spending, replacing inefficient cash-based systems and preventing potential mismanagement.
Fueling Regional Expansion and AI-Powered Growth
The newly secured $5.2 million will be instrumental in accelerating Octane's growth strategy. The funds are earmarked to expand the company's regional footprint into new MENA markets and to grow its network of accepted service providers. A key focus will also be on enhancing the platform's AI capabilities, particularly in developing advanced features for fraud detection and route optimisation, adding further value for their clients.
Strong Backing from Leading Regional VCs
The leadership of three major regional venture capital firms—Shorooq Partners, Algebra Ventures, and SC Holding—in this funding round signals strong investor confidence in Octane's business model. This significant backing validates the market need for a dedicated fleet payment solution and underscores the belief in Octane's ability to capture this opportunity across the MENA region.
About Octane
Octane is an Egyptian financial technology company founded in 2022. It offers a comprehensive digital platform that helps businesses manage, control, and streamline all their fleet-related expenses through a unified digital wallet, driving efficiency and reducing operational costs.
The Future of Logistics Tech in MENA
Octane's success comes at a time of rapid digital transformation within the MENA region's logistics and transportation sectors. As businesses increasingly seek technology to optimise operations and control costs, platforms like Octane are becoming essential tools for modern fleet management.
Looking Ahead
With this substantial new funding and the strategic support of its investors, Octane is well-positioned to scale its operations and become a regional leader in the fleet payments space. The company's focus on technological innovation is set to deliver greater efficiency and security to businesses across the Middle East and North Africa.
Source: Wamda