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Home » The Saudi fintech platform PetroApp raises $50 million ahead of its IPO.
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The Saudi fintech platform PetroApp raises $50 million ahead of its IPO.

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Petroapp Secures $50 Million Investment for Expansion

Petroapp, the leading independent platform for digital fuel payments, float management, and vehicle services, has announced the successful completion of a $50 million investment round. This round was led by Jadwa Investment through its diversified capital-investment fund in the GCC, with participation from Bunat Ventures.

About Petroapp

Founded in 2018, Petroapp is the first autonomous supplier in Saudi Arabia offering payment and management solutions that eliminate cash transactions. By doing so, the platform reduces the risk of fraud while providing real-time cost control for both business and government fleets. Petroapp has continuously expanded its service offerings, which now include car washes, oil changes, and tire and battery replacements, integrating artificial intelligence to enhance operational efficiency and enable predictive maintenance.

Global Reach and Impact

Today, Petroapp services over 500,000 vehicles globally, catering to more than 10,000 business and government clients. The platform operates through a network of 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria. With projected revenues exceeding 10 billion SAR by 2025, Petroapp is committed to pioneering technologies that minimize costs, optimize operations, and drive the digital transformation of transport and logistics.

Funding to Propel Future Growth

This latest funding round will prepare Petroapp for an initial public offering on the Saudi Exchange (Tadawul) and accelerate its expansion into new international markets. The funds will also solidify its presence in existing markets, broadening its offerings for both retail and governmental sectors. Recently, Petroapp has been appointed to enhance Saudi vehicle management services and introduce new integrated vehicle management solutions.

Leadership Perspectives

Abdullah Al Kasabi, President of Petroapp and CEO of Rzm Investment, remarked, “Since our investment in Petroapp in 2020, we have been motivated by our belief in its bold mission and strong value proposition. As president, I am excited to welcome Jadwa Investment and Bunat Ventures, marking a significant milestone in Petroapp’s institutional journey.”

Strategic Partnerships

Abdulaziz Al Senan, Founder and CEO of Petroapp, expressed enthusiasm about the new partnership, stating, “We are thrilled to embark on this collaboration at a pivotal stage in Petroapp’s journey. Jadwa’s institutional expertise will be crucial to strengthening our goals for 2030.”

Investor Insights

Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, noted, “Petroapp represents our inaugural investment in the software and services sector within the region. Its innovative solution aligns perfectly with the ongoing shift toward digitization under Vision 2030.”

Conclusion

Khaled Zein Al Abidin, Founder and CEO of Bunat Ventures, added, “Our decision to support Petroapp underscores Bunat’s focus on high-quality, evolving opportunities.” With this significant investment, Petroapp is well-positioned to drive further innovation and expand its market presence in the coming years.

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