Egyptian FinTech Startup Octo Payments Aims for 100,000 Customers and New Funding to Fuel Expansion

Since its founding in 2021, Octo Payments (Octo) has successfully established itself among the rising Egyptian companies in the FinTech sector. It has capitalized on the growing demand for digital financial services and aims to expand its customer base of individuals and businesses through integrated solutions for payments and money management.

The company, founded by Karl Marco and Youssef Qatamish, is leading a strategy to boost financial inclusion by providing easily accessible digital financial services, especially for the unbanked. They are also developing tailored solutions for small and medium-sized enterprises (SMEs).

A Foundation Built on FinTech

Octo began its operations with a vision to simplify digital financial services through a platform that allows users to easily manage their financial accounts, make payments, and conduct transfers, focusing on building an integrated ecosystem for both individuals and businesses.

The company offers a range of services, including digital financial accounts, prepaid cards, payroll solutions, money transfers, and electronic bill payments, in addition to expense management services for businesses.

Operational Expansion and Customer Base Growth

The company has seen rapid growth over the past two years, with its user base exceeding 20,000 customers. The number of businesses contracting with Octo has also grown to over 250 companies, relying on its solutions for payroll and other financial services.

Furthermore, the value of transactions processed through its platform reached approximately 1 billion Egyptian Pounds over the last 12 months, reflecting the expanding use of its services within the Egyptian market.

Strategic Partnerships to Enhance Services

One of the company's key milestones in 2026 was launching a Visa prepaid card in collaboration with Arab Bank. This allows customers to make online purchases, withdraw cash, and transfer money via the Instapay network, all while managing the card entirely through Octo's application.

This step is considered one of the most significant strategic partnerships that has boosted the spread of Octo's services in the digital payments market, alongside its cooperation with Modupay for payment processing.

Expansion Plans Until 2027

The company has set ambitious goals for the next two years, aiming to increase its customer base to 50,000 by the end of 2026, and then reach 100,000 customers by the end of 2027.

It also plans to increase its annual transaction volume from approximately 1 billion Egyptian Pounds currently to 5 billion Egyptian Pounds by June 2027. This will happen alongside expanding services for businesses, including expense management, petty cash, and issuing business cards, once the necessary regulatory approvals are obtained.

New Funding Round to Support Growth

Octo is currently working to close a new seven-figure dollar funding round before the end of 2026. This funding aims to finance its expansion plans, develop its technological infrastructure, and launch new digital financial products.

The company previously successfully raised approximately $1.87 million in a Seed funding round in 2025, a move that supported its operational expansion and accelerated its product development.

Moving Towards More Inclusive Financial Services

In parallel with its expansion plans, Octo is seeking to obtain a Payment Service Provider license from the Central Bank of Egypt. This will allow it to broaden its service scope, launch new products for businesses and individuals, and strengthen its role in supporting digital transformation and financial inclusion.

The company's founders have also participated in several startup acceleration programs, including the 500 Global Egypt Scale Up program. This reflects Octo's direction towards building a FinTech company capable of competing regionally in the coming years.