Cairo-based prepaid fuel services startup Fuelin on Tuesday (June 7) inked a deal with Master Gas to provide electronic payment services to Master Gas customers. Master Gas is an affiliate of Egyptian power distribution and integrated services company TAQA Gas, which is a subsidiary of TAQA Arabia.
The partnership will lean on an accounting system within the Fuelin app, which links cars with the gas stations where they get their gas, according to a Daily News Egypt report.
“This new partnership supports our vision of the importance of providing the best advanced technological solutions to facilitate the daily transactions of our customers in line with the Group’s efforts to diversify the scope of energy transmission and distribution services and best meet the growing needs through more than 50 stations and 13 conversion centers in prime locations,” said Tarek Al-Hawari, managing director of TAQA Gas Group, in the report.
TAQA is pushing to grow to 108 stations by 2023 and to increase its car conversion rate to more than 8,000 cars annually, he said.
Mohamed Hussein, CEO and co-founder of Fuelin, expressed his pleasure to conclude this partnership with Master Gas, pointing out that it is the first step of its kind.
“As an emerging company, we have a vision and great expansion plans that we are working to implement by concluding partnerships with various companies that own gas stations in Egypt, where we plan to reach 125,000 cars running the application, and we seek to contract with 2,000 gas stations, in addition to contracting with a participatory transportation company by the end of 2023,” he said.
Related: HyperPay Raises $36.7M to Expand Payment Services to MENA Merchants
Last week, payments FinTech HyperPay raised $36.7 million (SAR138M) to expand its payment services to merchants in the Middle East and North Africa (MENA) region.
Headquartered in Saudi Arabia (KSA) and launched in 2014 by Muhannad Ebwini, HyperPay offers payment processing, invoicing, risk and fraud management, and other services to support small businesses. The funding round was led by Mastercard with participation from Amwal Capital Partners and AB Ventures, according to recent media reports.
