PetroApp, a Saudi-based digital fuel payment and fleet management platform, has secured US$50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures. The capital injection aims to prepare PetroApp for an initial public offering on the Saudi Exchange (Tadawul) and support its international expansion and enhancement of AI-driven vehicle management services.
Founded in 2018, PetroApp offers cashless fuel payments, fleet management, and vehicle services including car washes, oil changes, and tire and battery replacements. The platform operates in Saudi Arabia, Egypt, Thailand, and Nigeria, serving over 500,000 vehicles and more than 10,000 corporate and governmental clients via a network of 5,000 fuel stations.
PetroApp projects revenues exceeding SAR 10 billion (approximately US$2.7 billion) by 2025, as it continues digitizing transportation and logistics operations.
Saudi Arabia’s Digital Transformation Fuels Billion-Dollar Tech Opportunities
PetroApp’s growth reflects Saudi Arabia’s Vision 2030 initiative, launched in 2016 to diversify the economy beyond oil dependency. The non-oil sector now contributes over 50% of GDP, underpinned by over $5 trillion invested in more than 5,000 projects nationwide. The digital economy accounts for roughly SAR 495 billion (15% of GDP), creating a robust market for B2B technology platforms. Near-universal internet penetration (~99%) provides critical infrastructure for digital payment solutions to thrive.
Saudi Arabia ranks 6th globally in the UN’s E-Government Development Index, illustrating its successful digital transformation. PetroApp’s regional operations and extensive corporate client base exemplify the impact of this evolving ecosystem.
Transition from Cash-Dominated Payments to Digital Ecosystems
PetroApp symbolizes a major shift from Saudi Arabia’s cash-heavy payment landscape of 15 years ago, where 60-70% of bills were paid in cash at bank branches, causing inefficiencies. The establishment of SADAD in 2007 by the Saudi Central Bank (SAMA) initiated the transition to streamlined digital payments.
Modern fleet management platforms like PetroApp deliver up to 50% cost savings over traditional methods, incentivizing corporate adoption. The company’s expansion into ancillary services like maintenance and car washes reflects an industry trend toward integrated vehicle management ecosystems, moving beyond single-function payment solutions.
