Octane Raises $5.2 Million to Expand Fleet Payments Platform in MENA
Egyptian fleet-expense startup Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures and SC Holding to grow its operations in Egypt and the wider MENA region.
Octane, an Egypt-based digital platform for managing fleet and on-road expenses, has secured $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding.
Founded in September 2022, Octane offers a closed-loop digital wallet that consolidates fuel, maintenance, spare parts, and petty cash payments into a single platform. The solution provides fleet operators with real-time control and analytics, helping reduce avoidable fuel and mileage costs by double-digit percentages. It currently supports diesel, petrol and CNG payments, with EV charging capabilities being piloted.
Since its launch, Octane has built the largest fleet-payment network in Egypt, with coverage across 2,400 petrol stations and 400 CNG outlets nationwide. Over 1,600 corporate clients, representing a combined fleet of around 250,000 vehicles, use the platform to manage on-road expenses. The startup now employs 200 staff members and was recently recognised with an EEA Award for Rising Entrepreneurs of the Year.
"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-optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.'
Octane enters a global market that is seeing increased demand for integrated fleet-expense solutions. While established players like Corpay and WEX have demonstrated the viability of consolidated payment models, newer fintechs such as Coast and Fleetio are driving digital-first adoption. Octane aims to bring this model to Egypt and the region, integrating local tax and compliance needs with advanced automation and insight tools.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
41 minutes ago
- Al-Ahram Weekly
Syria signs $800 mln port deal with UAE-based company: State media - Economy
Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port of Tartus, state media reported, as the new authorities continue their efforts to support post-war reconstruction. Following the toppling of longtime Syrian ruler Bashar al-Assad in December, the new Islamist authorities have worked to reconnect the country to global companies and kickstart reconstruction after 14 years of civil war. "In the presence of President Ahmed Al-Sharaa, an agreement was signed between the General Authority for Land and Sea Ports and DP World, valued at $800 million, as a strategic step aimed at enhancing port infrastructure and logistics services in Syria," state-run news agency SANA said. Following the signing of the deal, DP World CEO Sultan Bin Sulayem said Syria's economy had "significant assets, including the Port of Tartus, which represents an opportunity to transport and export many Syrian industries". In a statement also shared by state media, he pledged to make Tartus "one of the best ports in the world". DP World operates dozens of marine and inland ports and terminals globally, particularly in Asia, Africa and Europe The Syrian civil war devastated the country's infrastructure, and the new authorities hope to use the lifting of Western sanctions to attract investments and fuel reconstruction efforts. Qutaiba Badawi, head of the General Authority for Land and Sea Ports, said the parties were "not merely signing a technical agreement, but we are laying the foundation for a new phase of field and maritime work in Syria, repositioning ourselves on the regional and international economic map". In May, Damascus signed a 30-year contract with French shipping giant CMA CGM to develop and run the port of Latakia. That same month, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as part of efforts to revive its crippled power sector. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
43 minutes ago
- Al-Ahram Weekly
Hayat Egypt breaks ground on new hygiene products plant in SCZONE - Economy
Hayat Egypt Hygienic Products, S.A.E., a subsidiary of the global fast-moving consumer goods (FMCG) giant Hayat, has laid the foundation stone for its new hygiene production facility in Ain El Sokhna, located within the Suez Canal Economic Zone (SCZONE). Hayat is a global FMCG leader, producer of hygiene, tissue, home care, and personal health products to consumers in over 100 countries. It is the fourth largest branded baby diaper manufacturer in the world and the largest tissue manufacturer across the Middle East, Eastern Europe, and Africa. The high-level groundbreaking ceremony was attended by Salih Mutlu Şen, Ambassador of the Republic of Türkiye to Egypt; Walid Gamal El-Din, Chairman of SCZONE; Governor of Suez, Tarek Hamed El Shazly; and Senol Keserliogu, General Manager of Hayat Egypt, alongside senior officials and business leaders from both nations. The new factory is expected to employ over 400 Egyptian workers and will produce baby diapers and feminine hygiene products. Significantly, 75 percent of its output is earmarked for export markets, with the remaining 25 percent supplied domestically. The facility is scheduled to be fully operational by March 2026, boosting Hayat Egypt's hygiene production capacity by 55 percent. Speaking at the event, Mr. Senol Keserliogu, GM of Hayat Egypt, said: 'Egypt continues to be a strategic hub for Hayat's operations, and today's milestone reflects our promise to expand our footprint to meet both local and global demand.' Ambassador Salih Mutlu Şen emphasised the broader context of Turkish investment in Egypt, noting, 'This investment affirms the trust Turkish companies have in Egypt's market potential and stable expansion environment.' From the SCZONE perspective, Chairman Walid Gamal El-Din highlighted the zone's growing attractiveness to foreign investors. According to Gamal El-Din, 'These investments reflect strong confidence in the SCZONE's investment climate. Thanks to upgraded infrastructure, world-class utilities, and streamlined digital services, we are creating a seamless environment for global companies to thrive. Hayat's expansion within the SCZONE reaffirms our role as a regional hub for industrial innovation and export-oriented manufacturing.' Echoing this sentiment, Governor Tarek Hamed El Shazly said: 'Laying the foundation stone for Hayat Egypt's new factory marks a new milestone that reflects the growing investment in the Suez Canal Economic Zone. We welcome all investments that contribute to driving development and creating job opportunities.' The facility is a key component of Hayat's strategic expansion plan, bringing the company's total investment in Egypt to $632 million. This development aligns with Egypt's national vision to increase high-value manufacturing, grow exports, and create sustainable employment in strategic sectors. Egypt and Turkey seek to boost economic ties and raise bilateral trade from $9 billion to $15 billion. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Syria signs $800 mn port deal with UAE-based company: State media - Markets & Companies
Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port of Tartus, state media reported, as the new authorities continue their efforts to support post-war reconstruction. Following the toppling of longtime Syrian ruler Bashar al-Assad in December, the new Islamist authorities have worked to reconnect the country to global companies and kickstart reconstruction after 14 years of civil war. "In the presence of President Ahmed Al-Sharaa, an agreement was signed between the General Authority for Land and Sea Ports and DP World, valued at $800 million, as a strategic step aimed at enhancing port infrastructure and logistics services in Syria," state-run news agency SANA said. Following the signing of the deal, DP World CEO Sultan Bin Sulayem said Syria's economy had "significant assets, including the Port of Tartus, which represents an opportunity to transport and export many Syrian industries". In a statement also shared by state media, he pledged to make Tartus "one of the best ports in the world". DP World operates dozens of marine and inland ports and terminals globally, particularly in Asia, Africa and Europe The Syrian civil war devastated the country's infrastructure, and the new authorities hope to use the lifting of Western sanctions to attract investments and fuel reconstruction efforts. Qutaiba Badawi, head of the General Authority for Land and Sea Ports, said the parties were "not merely signing a technical agreement, but we are laying the foundation for a new phase of field and maritime work in Syria, repositioning ourselves on the regional and international economic map". In May, Damascus signed a 30-year contract with French shipping giant CMA CGM to develop and run the port of Latakia. That same month, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as part of efforts to revive its crippled power sector. Follow us on: Facebook Instagram Whatsapp Short link:
