Egyptian Payments Company “octo” Joins EBRD’s “Star Venture” Program for Innovative Startups
Egyptian digital payments company “octo” has joined the European Bank for Reconstruction and Development (EBRD)’s “Star Venture” program, in a move aimed at supporting the company’s growth and expansion plans and benefiting from an integrated range of specialized advisory services and expertise designed for high-potential, innovative startups.
The 24-month program provides participating companies with support that goes beyond direct funding, offering specialized advisory and operational assistance to help them identify business gaps and develop growth plans. It also provides access to local and international experts, as well as a broad network of mentors and investors.
Karl Marko, Co-Founder and CEO of octo Digital Payments, said that joining the “Star Venture” program represents an important step in octo’s growth journey. He explained that leveraging the EBRD’s expertise and the network of experts available through the program will support the company in developing its business model and strengthening its readiness for expansion during the next phase.
He added that the program gives startups an opportunity to work in a more structured manner on developing their operational, commercial, and investment capabilities, while benefiting from specialized expertise that can help them address growth-related challenges. He emphasized that octo aims to maximize the value of this experience in support of its future plans in the digital payments sector.
The “Star Venture” program targets high-potential startups in markets where the EBRD operates. It supports companies across more than 30 markets, including the Southern and Eastern Mediterranean, the Western Balkans, Central Asia, Eastern Europe and the Caucasus, as well as Türkiye, and more recently, Sub-Saharan Africa.
Since its launch in 2019, the “Star Venture” program has provided direct support to more than 400 startups, in addition to more than 40 business accelerators. The program is based on assessing companies’ needs and identifying the challenges they face before launching support and advisory projects, enabling it to provide services tailored to each company’s needs and stage of growth.
The support framework covers multiple areas depending on the needs of participating companies, including access to specialized expertise in financing, product development, commercial activities, and other areas related to accelerating growth. It also connects companies with networks of investors, mentors, and experts.
The program also gives participating companies access to an international network of experts and mentors, along with practical expertise in sales development, governance, marketing, and strategy, as well as support related to fundraising readiness and engagement with venture capital funds.
According to data published by the EBRD, 73% of startups in the Star Venture portfolio secured funding during or after the program, raising a combined total of more than $850 million. Meanwhile, average revenue across the portfolio increased sixfold, while 76% of companies recorded revenue growth.
Program data also shows that 51% of the supported startups are youth-led, while 34% are women-led, and companies operating in green sectors account for 43% of the Star Venture portfolio.
The average funding raised by companies in the portfolio stands at approximately $2.9 million, while investors through EBRD-linked venture capital funds participated in co-investments totaling $157 million across 13 portfolio companies.
octo’s participation in the program comes as part of the company’s efforts to benefit from the specialized expertise and advisory services provided by the EBRD, while developing its operational, commercial, and investment capabilities to support its growth and expansion plans throughout the 24-month program.
octo Digital Payments is an Egyptian fintech company founded in 2021. It develops digital solutions in payments and financial services, with a focus on facilitating access to financial services and promoting financial inclusion.
octo offers a range of digital financial services through its application, including money transfers and receiving funds, payments, card management, and bill payments, as well as payroll-related solutions and financial services for individuals and businesses.
The company is led by Karl Marko, Co-Founder and CEO, and focuses on leveraging technology to deliver a more seamless and flexible digital financial experience while continuing to develop its solutions and expand in the digital payments market.