Arab Finance: Egypt-based digital payments company octo has joined the European Bank for Reconstruction and Development’s (EBRD) Star Venture program, gaining access to specialized advisory services and international expertise to advance its growth and expansion plans, as per a press release.
The 24-month program will support octo in developing its operational, commercial, and investment capabilities. Rather than providing direct financing, Star Venture assesses participating companies’ needs before designing advisory projects tailored to their challenges and stage of growth.
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.
Founded in Egypt in 2021, octo develops digital payment and financial services solutions for individuals and businesses. Its application offers money transfers, payment and bill settlement services, card management, payroll solutions, and other financial products, with a focus on improving access to financial services and advancing financial inclusion.
Through Star Venture, the company will work with local and international specialists across areas including financing, product development, sales, governance, marketing, and strategy. The program also provides guidance on fundraising readiness and links participating startups with mentors, investors, and venture capital funds.
Marko 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.
Launched in 2019, Star Venture has directly supported more than 400 startups and over 40 business accelerators. The initiative serves high-potential companies across more than 30 markets, spanning the Southern and Eastern Mediterranean, the Western Balkans, Central Asia, Eastern Europe and the Caucasus, Türkiye, and, more recently, Sub-Saharan Africa.
EBRD data shows that 73% of startups in the program’s portfolio secured financing during or after their participation, collectively raising more than $850 million. Average portfolio revenue increased sixfold, while 76% of the supported companies recorded revenue growth.
Youth-led businesses represent 51% of the portfolio, women-led startups account for 34%, and companies operating in green sectors make up 43%. Portfolio companies have raised an average of approximately $2.9 million, while investors affiliated with EBRD-linked venture capital funds have contributed $157 million in co-investments across 13 companies.
