Saudi Fintech PetroApp Secures $50M to Grow Fuel & Fleet Services
Founded in 2018, PetroApp provides a fully digital platform that replaces cash transactions at fuel stations and for ancillary services, including car washes and battery replacements.
Saudi-based fuel-tech startup PetroApp has secured a $50 million funding round to scale its cashless fuel payment and fleet management platform across the Kingdom. The round was led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from venture capital firm Bunat Ventures.
Founded in 2018, PetroApp provides a fully digital platform that replaces cash transactions at fuel stations and for ancillary services like car washes, oil changes, tyre and battery replacements. The platform is used by more than 500,000 vehicles across over 10,000 corporate clients, serving over 5,000 fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria.
With the new capital, PetroApp aims to broaden its fleet services, introduce consumer-facing retail offerings within the Kingdom, and position itself for a potential initial public offering on the Saudi exchange. The company recently received accreditation from Saudi’s Expenditure and Projects Efficiency Authority (EXPRO) as a qualified government vendor, boosting its market. “This partnership will help strengthen our foundation, accelerate regional expansion, and set new benchmarks in fuel and fleet innovation aligned with Vision 2030 goals," Abdulaziz Al Senan, PetroApp’s co-founder and CEO, said.
Jadwa’s investment marks its fifth under the GCC Diversified Private Equity Fund, following notable acquisitions including a stake in the Makhazen Alenaya beauty retailer.
