Octane Raises $5.2M to Spread Its Fleet Payments Platform Across MENA

Cairo-based fintech startup Octane has made headlines after raising $5.2 million to spread its Fleet payments platform across the Middle East and North Africa (MENA) region. The funding round was led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding, giving Octane the boost it needs to expand its services beyond Egypt and into more MENA countries.

Octane was founded in 2022 with a clear mission: to help fleet operators manage their expenses more efficiently using digital payments and advanced analytics. The Octane Fleet payments platform is designed specifically for companies that operate fleets of vehicles, such as delivery services and logistics providers. By using Octane’s platform, these businesses can track spending, analyze costs in real time, and pay for services at many different merchants, all from one easy-to-use system.

The need for such a platform is growing fast in the region. As fuel prices change and logistics costs go up, fleet operators are looking for smarter ways to handle their money. Octane’s Fleet payments platform stands out because it offers real-time analytics and is accepted by a wide network of merchants, which is something many traditional banks in the region still struggle to provide.

Octane raises $5.2M to spread its Fleet payments platform

According to Tamer Azer, Partner at Shorooq Partners, Octane is solving a core infrastructure problem in the logistics world. He explained that while the first wave of digital technology moved people and the second wave moved goods, enterprise logistics was still missing the right financial tools to operate smoothly. “Octane is building that infrastructure. It’s redefining financial technology and access tools for fleet managers across the region,” Azer said.

Shorooq Partners, one of the main investors in this round, is well-known for supporting early and growth-stage startups in fintech, software, and deep tech. Their portfolio includes several successful companies like Pure Harvest, Nymcard, Tamara, and Lean Technologies. The firm is regulated by the ADGM Financial Services Regulatory Authority and has a strong presence across the MENA region.

With this new funding, Octane plans to spread its Fleet payments platform to more countries in the Gulf and North Africa. These areas often have fragmented payment systems and high transportation costs, making it difficult for logistics companies to manage their finances efficiently. Octane hopes to fix this by offering a single platform that brings together payments, analytics, and expense management for fleets.

The company’s vision is to become the leading provider of digital fleet solutions in MENA. With strong backing from investors, a growing user base, and increasing demand for modern fleet management tools, Octane is well-positioned to lead the way in transforming how fleet expenses are managed across the region. The Octane Fleet payments platform across MENA could soon become the standard for logistics companies looking for smarter, more efficient ways to operate.

Octane raises $5.2M to spread its Fleet payments platform, aiming to modernize fleet expense management and support the growth of logistics and delivery businesses throughout the Middle East and North Africa.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.