Octane Nets US$5.2 Million To Grow Fleet Payments In MENA

Egyptian fintech startup Octane has pocketed US$5.2 million in fresh funding to deepen its technology infrastructure and accelerate regional expansion across the MENA region.

The round was led by Abu Dhabi-based early-stage venture capital (VC) firm Shorooq, Cairo-based multi-stage VC Algebra Ventures, and Cairo-based private equity and strategic advisory firm SC Holdings. 

Founded by Amr Gamal and Ziad ElAdawy in Cairo in 2022, Octane aims to become the go-to platform for digitizing fleet and on-road expense management in underserved markets. The company’s solution consolidates fuel, maintenance, spare parts, and petty cash into a single closed-loop digital wallet. Fleet operators benefit from real-time controls and analytics that help reduce fuel and mileage costs while also improving visibility. 

“We’ve made substantial investments in building a world-class technology platform, combined with a deep, ground-up understanding of the operational challenges fleet operators face on a daily basis,” ElAdawy, who is the Chief Commercial Officer (CCO) of Octane, told Inc. Arabia in an interview. 

Octane’s platform now supports diesel, gasoline, and compressed natural gas (CNG) payments, and it is also piloting electric vehicle (EV) charging solutions at select locations. Its coverage spans 2,400 petrol stations and 400 CNG outlets across Egypt. The company serves over 1,600 corporate clients with a combined fleet of approximately 250,000 vehicles. 

With the latest capital injection, Octane plans to expand its acceptance network and grow beyond Egypt. The company is already adapting its technology and go-to-market approach to meet the demands of different MENA markets. 

“The MENA and African regions represent vast, underserved markets with significant potential,” ElAdawy noted. “Unlike Western markets, where fleet payment technologies have matured rapidly over the past two decades, these regions are still in the early stages of digitizing fleet operations.” 

ElAdawy told us that he perceives the region's fragmented fuel networks and regulatory hurdles as an opportunity ripe for disruption. “The highly fragmented fuel station network across many markets creates a strong case for partnership-driven growth. By working with a broad set of station operators, we’re able to consolidate supply and drive volume to independent and smaller stations, unlocking value for both sides,” ElAdawy explained. 

Octane’s rise comes as global attention turns toward integrated fleet-expense platforms. While established players like Corpay and WEX dominate Western markets, and newer entrants such as Coast and Fleetio grow rapidly, Octane is betting on local differentiation. 

“Many global players offer one-size-fits-all solutions, while Octane is tailored for the nuances of the MENA fleet landscape," ElAdawy highlighted. “Octane is currently the market leader in Egypt, and several key strategic advantages have helped us earn that position. We’ve built a highly robust platform that integrates advanced fraud controls and leverages the latest AI technologies to drive real-time decision-making and savings for our customers.” 

He also credited Octane’s success to its “exceptional customer support,” including 24/7 call centers and dedicated account managers, as well as its “world-class team” spread across commercial, operations, and finance.  

Looking ahead, Octane is preparing for the next evolution in fleet management—moving beyond payments into deeper operational and analytics-driven integrations. ElAdawy believes that fleet platforms will need to consolidate expense tracking, operations, and performance analytics to stay relevant. 

“We’re already seeing strong demand for analytics-driven tools that help companies monitor driver behavior, maintenance costs, and route efficiency,” he said. “Fleet operators in this region are still heavily reliant on pen-and-paper methods or expensive international enterprise resource planning (ERP) systems that are often ill-suited for local needs.” 

Reflecting on Octane’s journey, ElAdawy shared one key lesson for founders building infrastructure-heavy ventures in emerging markets. “If I were to share one learning, it’s this: deeply understand the problem you're trying to solve," he shared. "Obsess over it. Spend time with your customers. Then, surround yourself with a talented and mission-aligned team who can help you build not just a product, but an enduring company.” 

“Execution is everything—especially in infrastructure-heavy sectors," he added. "The markets are complex, but the opportunities are enormous if you stay focused on solving real pain points.” 

Pictured in the lead image are Octane co-founders Ziad ElAdawy (L) and Amr Gamal (R). Image courtesy Octane.