PetroApp, a Saudi-based digital payments platform for fuel and vehicle services, has raised $50 million in a funding round.
Investors
The round was led by Jadwa Investment Company through its Jadwa Diversified Gulf Private Equity Fund, with additional participation from Banat Ventures.
Jadwa Investment is a Shariah-compliant investment management and advisory firm based in Riyadh, Saudi Arabia. Established in 2006, it manages over SAR 100 billion in client assets across public equity, private equity, real estate, and fixed income, serving high-net-worth individuals, institutions, and government entities.
PetroApp Use of Funds
The company will use the funds to expand into individual and government sectors, launch new vehicle management services, and develop AI tools for data analysis and forecasting.
About PetroApp
Founded in 2018, PetroApp is Saudi Arabia’s first independent digital payment provider for fuel and fleet management. It offers cashless transactions, reduced fraud risk, and enhanced cost control for corporate and government fleets. Its services now include car washes, oil and tire changes, and battery replacements—leveraging AI technologies to boost efficiency and enable intelligent operational forecasting. The company currently serves over 500,000 vehicles globally, catering to more than 10,000 corporate and government customers through a network of over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria.
Funding Details
Company: PetroApp
Raised: $50 million
Round: Pre-IPO / Growth
Funding Date: July 2025
Lead Investor: Jadwa Investment Company
Additional Investors: Banat Ventures
Company Website: https://petroapp.com/
Software Category: Fleet Management / Digital Payments / Mobility Tech
Source: https://www.forbesmiddleeast.com/money/fintech/saudi-petroapp-raises-%2450-million-in-funding-led-by-jadwa-and-bunat-ventures-ahead-of-tadawul-listing