Octane raised USD 5.2 mn in a funding round co-led by Shorooq Partners, Algebra Ventures, and SC Holdings, the local B2B digital payments platform for vehicle-related expenses said in a statement(pdf).

Octane? Co-founded by Amr Gamal in 2022, Octane runs a closed-loop digital wallet that centralizes fuel, maintenance, spare parts, and other vehicle-related expenses on a single platform. The company supports diesel, gasoline, and CNG payments, and is testing EV charging integration. It claims to be the largest fleet payments network in Egypt, with access to 2.4k fuel stations and 400 CNG sites, serving 1.6k corporate clients managing a combined 250k vehicles.

Where’s the money going? Octane will use the newly-raised funds to grow its fleet payments acceptance network, expand across MENA beyond Egypt, and deepen its AI capabilities — including fraud detection and route optimization. The funds will also allow the company to “stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers,” Gamal said.

What the backers said: “In a market where bn’s leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt’s logistics and mobility sectors. We’re proud to back a team that’s solving today’s pain points while setting the foundation for a more efficient, transparent future.” Algebra Ventures Partner Laila Hassan said.

** We sat down with Gamal last year for our Founder of the Week column. Check out the interview here.

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