Octane Raises $5.2M to Expand Its Fleet Expense Platform Across MENA
Fintech News: Egypt's Octane has raised $5.2 million to expand its fleet expense management platform across MENA. The round was led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding, fueling network growth, AI-powered fraud detection, and the shift toward cleaner mobility.
Read the full article on Fintech News →$5.2M to Power Egypt's Largest Fleet-Payment Network
As reported by Fintech News, Octane — founded in September 2022 — has raised $5.2 million to expand its fleet expense management platform across the MENA region. The funding round was led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding, reinforcing investor confidence in Egypt's fast-growing fleet fintech sector.
A Closed-Loop Digital Wallet for Every On-Road Expense
Octane operates a closed-loop digital wallet that consolidates on-road expenses — fuel, maintenance, consumables, and petty cash — into one platform, with real-time controls and analytics that help fleet operators reduce fuel and mileage costs. It is built to give fleets precise, day-to-day control over every payment.
Egypt's Largest Fleet-Payment Network
The company has built Egypt's largest fleet-payment network, covering 2,400 petrol stations and 400 CNG outlets, and currently supports diesel, petrol, and compressed natural gas — with electric vehicle (EV) charging now in pilot phase as Octane prepares for the transition to cleaner mobility.
Where the Funding Goes
The new capital will expand Octane's acceptance network, strengthen its technology infrastructure, enhance AI-powered fraud detection and route optimization, and drive regional growth across MENA.
In the Words of the CEO
“At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,” said CEO Amr Gamal, adding that the funding enables Octane to broaden its acceptance network while advancing fraud detection and supporting the shift toward cleaner mobility.