PetroApp, a digital payments platform focused on fuel and vehicle services, has raised $50 million in a new funding round as it prepares for a planned initial public offering on the Saudi Exchange (Tadawul).
Raises $50 million
The funding round was led by Jadwa Investment Company through its Jadwa Diversified Gulf Private Equity Fund, with additional participation from Banat Ventures.
The raise marks a key milestone in PetroApp’s growth journey, supporting preparations for its Tadawul listing and enabling the company to expand into new markets while strengthening its position in Saudi Arabia.
The proceeds will be used to broaden PetroApp’s services across the individual and government sectors following its accreditation as an approved provider by the Efficiency and Government Projects Authority. The company also plans to roll out new offerings within its integrated vehicle management platform and develop advanced AI-driven products to analyze operational data and forecast future needs.
Growth outlook
Abdullah AlKasabi, chairman of PetroApp and CEO of Razam Investment Company, said the firm’s initial investment in 2020 was driven by confidence in PetroApp’s mission and the value it delivers to corporate clients and fuel station partners.
Founder and CEO Abdulaziz Alsenan said Jadwa’s experience will help strengthen PetroApp’s organizational structure, accelerate growth, and support its ambitions to consolidate local leadership while expanding internationally.
“With our new partners, we aim to set new standards for innovation in fuel and fleet management, meeting customer expectations and supporting the goals of Saudi Vision 2030,” Alsenan said.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, described the investment as the firm’s first entry into the software and technology services sector.
Elie El-Khoury, head of private equity at Jadwa Investment, called PetroApp a compelling investment opportunity, citing its strong technical infrastructure and network effects that support sustainable growth.
Banat Ventures founder and CEO Khaled Zain Al-Abidin said the investment aligns with the firm’s focus on high-quality opportunities, highlighting PetroApp’s diversified services and multi-market presence, particularly its expansion into consumer and government segments.
About PetroApp
Founded in 2018, PetroApp is Saudi Arabia’s first independent digital payment provider for fuel and fleet management, enabling cashless transactions, reduced fraud risk, and improved cost control for corporate and government fleets.
The platform has expanded to include services such as car washes, oil and tire changes, and battery replacements, using AI technologies to improve efficiency and support predictive operational planning.
PetroApp currently serves more than 500,000 vehicles worldwide and over 10,000 corporate and government clients through a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria.
The company is targeting sales exceeding $2.7 billion by 2025, driven by its focus on technological innovation, cost reduction, and digital transformation in the transportation and logistics sector.
