Fuelin, a prepaid gasoline services firm located in Cairo, has established a collaboration with Master Gas to provide electronic payment services to Master Gas customers. Master Gas is a subsidiary of TAQA Arabia and a partner in the Egyptian power distribution and integrated services company TAQA Gas.
According to a Daily News Egypt report, the collaboration would rely on an accounting system included in the Fuelin app, which connects autos to gas stations where they can fill up.
According to him, TAQA plans to grow to 108 stations by 2023 and increase its car conversion rate to over 8,000 automobiles each year.
Fuelin’s CEO and co-founder, Mohamed Hussein, expressed his joy at the completion of this collaboration with Master Gas, highlighting that it is the first of its kind.
“As an emerging company, we have a vision and significant expansion plans that we are working to implement by forming partnerships with various companies that own gas stations in Egypt, where we plan to reach 125,000 cars running the application by the end of 2023, and we seek to contract with 2,000 gas stations in addition to contracting with a participatory transportation company,” he said.
Last week, HyperPay, a payments FinTech, raised $36.7 million (SAR138 million) to expand its payment services to businesses in the Middle East and North Africa (MENA).
HyperPay, based in Saudi Arabia (KSA) and created in 2014 by Muhannad Ebwini, offers payment processing, invoicing, risk and fraud management, and other services to small businesses. According to recent media reports, Mastercard led the investment round, which also included Amwal Capital Partners and AB Ventures.