Formula
- Company typePrivate
- Founded2010
- HeadquartersKyiv, Ukraine
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Formula does
SC Formula (СЦ Формула) is a Ukrainian B2B fuel services company headquartered in Kyiv, founded in 2010, that operates a fuel card, automated gas station access, wholesale fuel distribution, and GPS fleet monitoring platform. The company serves enterprise and mid-market fleet operators across multiple sectors of the Ukrainian economy, with named customers including Budmeister (construction), Kernel (agriculture), Novus (retail), Akris, Electrolux, and Cemark. It employs 101-250 people and operates as a privately held company without disclosed external funding rounds.
The core technology platform comprises a B2B fuel card system, GPS fleet monitoring tools, IT infrastructure for automated gas station operations, QR code-based fuel dispensing and payment, and mobile applications available on iOS and Android. Through partner networks with Parallel and OVIS, SC Formula extends card acceptance to over 1,500 gas stations across Ukraine, allowing fleet operators to refuel at a distributed network while consolidating billing and reporting centrally. The QR code integration with Parallel stations represents a workflow innovation in payment and dispensing, reducing friction at the pump relative to traditional card-only or cash-only flows.
SC Formula's business model combines wholesale fuel distribution margins with technology-enabled fleet management services. Revenue is generated from fuel card transaction economics (margin or fee per liter dispensed), wholesale fuel supply to partner and direct customers, GPS monitoring subscriptions, and IT solutions sold to gas station operators. The go-to-market is anchored on enterprise fleet operators with centralized fuel purchasing needs; the value proposition is consolidated billing, consumption analytics, network-wide acceptance, and reduced administrative overhead relative to unmanaged fuel procurement. No management team, ownership structure, or financial disclosures beyond headcount are available in the source data, which constrains deeper structural analysis.
Formula firmographics
Firmographics- Name
- Formula
- Legal name
- SC Formula
- Website
- https://scformula.com.ua
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Formula industry classification
Industry- Product category
- Fuel Distribution Services
- NAICS
- Gasoline Stations and Fuel Dealers (457), Fuel Dealers (45721), Petroleum Bulk Stations and Terminals (424710)
- SIC
- Retail-Auto Dealers & Gasoline Stations (5500), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)
- akta.pro primary industry
- Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD)
- akta.pro secondary industry
- Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)
Keywords
Where Formula is headquartered
LocationHeadquarters
- HQ city
- Kyiv
- HQ country
- Ukraine
- HQ region
- Europe
Offices1 record
Markets served
Formula business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Fuel Sales (Wholesale and Retail): Bulk gasoline and diesel fuel sales to commercial customers with delivery across Ukraine, plus retail sales through automated gas stations
- Fuel Cards and Vouchers: Fuel card programs for fleet management enabling fuel purchases at partner gas station networks with tracking and reporting capabilities
- Transportation and Logistics Services: Fuel delivery and transportation services for commercial customers
- IT Solutions for Gas Stations: Technology solutions and services for automated gas station operations
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | B2B wholesale fuel pricing |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels5 records
Formula product offering
Product offeringCore offering
SC Formula distributes wholesale and retail gasoline and diesel fuel across Ukraine, operating automated (self-service) gas stations and issuing fuel cards and vouchers redeemable at over 1,500 partner fueling sites. The company supplements fuel supply with fleet GPS monitoring, fuel transportation/delivery, and IT solutions designed for automated gas station operators, all accessible through a proprietary mobile application supporting QR-code payments.
Product overview
SC Formula is a B2B fleet fuel card and gas station services company operating in Ukraine. The company offers a platform-plus-modules architecture centered on fuel card services (Fuel Cards, Fuel Vouchers), digital services (Mobile Application, Electronic Services), physical fueling infrastructure (Automated Gas Stations), and fleet management tools (GPS Monitoring, IT Solutions for Gas Stations, Transportation, Small Wholesale). Customers include major commercial enterprises such as Kernel Engineering, Electrolux, Novus, Budmashter, and others.
Differentiator
Problem solved
Functional benefit
Products and services
- Automated Gas Stations (Автоматизовані АЗС)
Quantifiable outcome
- Over 1500 auto-fueling complexes available through partner networks across Ukraine
- +1 more outcomes
Companies that use Formula
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Formula technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Formula partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- OVIS Gas Station NetworkcoreService of SC Formula fuel cards initiated in OVIS gas station network, enabling card payments at OVIS stations in Kharkiv city, Kharkiv region, Okhtyrka, and Abazivka (Poltava region). Fuel dispensing available by card or QR code through SC Formula app.
- Parallel Gas Station NetworkcoreQR code fuel dispensing implemented through SC Formula application in the Parallel gas station network, expanding cashless service capabilities. This partnership enables instant cardless payment via SC Formula app at Parallel stations.
Scale indicators2 records
Recent moves5 records
Expansion highlights4 records
Formula competitors and assessment
Company assessmentDirect peers
- OKKO Group: Major Ukrainian fuel retailer and wholesale supplier operating its own branded station network and fuel card program. Competes head-to-head with SC Formula for B2B fleet customers and wholesale fuel contracts across Ukraine.
- WOG: One of Ukraine's largest fuel retail networks with its own fuel card program serving commercial fleets. Directly comparable to SC Formula as a vertically integrated Ukrainian fuel retailer offering wholesale fuel, fleet cards, and acceptance across hundreds of branded stations.
- BRSM-Nafta: One of the largest Ukrainian fuel retail networks with bulk wholesale and B2B fleet supply. Comparable as a domestic competitor with a similar mix of retail stations and commercial fuel customers.
- UPG (Ukrainian Petroleum Group): Ukrainian fuel network and wholesale supplier with a fleet-card program and partnerships with commercial customers. Directly comparable B2B fuel distribution and fleet fueling offering within the same domestic market.
- KLO / Avias: Ukrainian fuel station network offering branded fuel, fleet card programs, and wholesale supply. Similar asset-light-to-hybrid model serving commercial fleets and SMBs across western and central Ukraine.
- AMIC Energy Ukraine: Ukrainian fuel retailer operating branded stations and B2B fuel supply agreements. Overlaps with SC Formula on wholesale fuel distribution, fleet card acceptance, and automated fueling concepts in the Ukrainian market.
Broad incumbents
- Socar Ukraine: International fuel retailer with Ukrainian station network and B2B fuel supply. Comparable in customer segments (fleets, SMBs) but operates as part of a multinational group rather than a domestic Ukrainian specialist.
- Wex Fleet (WEX Inc.): Global fleet fuel card and payment platform with enterprise fleet management solutions. Relevant as a benchmark for SC Formula's fuel-card-plus-GPS stack, although WEX operates at vastly larger scale outside Ukraine.
- Shell Ukraine: Global oil major with fuel retail and B2B card programs in Ukraine. Broader portfolio and global brand; competes on enterprise fleet accounts and branded fueling but does not specialize in the same asset-light, app-driven model as SC Formula.
Emerging players
- Fleetio: Cloud fleet management software with fuel card integration and GPS tracking. Comparable to SC Formula's GPS monitoring and fleet-management modules, though Fleetio is software-only and operates primarily in North America/UK.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Formula social profiles
Digital presenceFormula financial estimates
Financial estimateRevenue estimate
Valuation estimate
Formula leadership team
Management profileNumber of profiles
Formula funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Formula M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Formula
What does Formula do?
SC Formula distributes wholesale and retail gasoline and diesel fuel across Ukraine, operating automated (self-service) gas stations and issuing fuel cards and vouchers redeemable at over 1,500 partner fueling sites. The company supplements fuel supply with fleet GPS monitoring, fuel transportation/delivery, and IT solutions designed for automated gas station operators, all accessible through a proprietary mobile application supporting QR-code payments.
Is Formula a public or private company?
Formula is a private company. It is classified as unknown and is currently operating.
When was Formula founded?
Formula was founded in 2010. It employs 101 to 250 people.
Where is Formula based?
Formula is headquartered in Kyiv, Ukraine, in the Europe region.
How does Formula make money?
Four revenue lines are on record. Fuel Sales (Wholesale and Retail) is the primary driver. The others are fuel Cards and Vouchers, transportation and Logistics Services and IT Solutions for Gas Stations.
Who are Formula's main competitors?
Direct peers on record are OKKO Group, WOG, BRSM-Nafta, UPG (Ukrainian Petroleum Group), KLO / Avias and AMIC Energy Ukraine. Broad incumbents are Socar Ukraine, Wex Fleet (WEX Inc.) and Shell Ukraine. Fleetio is listed as an emerging player.
Does Formula have an API?
No public API is recorded for Formula.
What industry is Formula in?
Formula's product category is Fuel Distribution Services. Its primary akta.pro industry code is EUALAIAD, Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery), with a secondary code of EUALAIAB, Branded Fuels Wholesaling & Jobber Distribution. Its NAICS code is 457 and its SIC code is 5500.