Swiss-Israeli fintech startup Okoora is announcing the launch of its integrated platform for global payments, banking, and risk management. The platform, known as Automatic Business Currency Management (ABCM™), combines operational tools, currency risk management modules, and access to a vast network of banks and trading rooms. Okoora's ABCM platform aims to simplify currency operations and empower businesses of all sizes to navigate the global marketplace confidently.
Okoora's AI-powered hub provides real-time insights into currency markets, streamlines currency management, and offers AI-driven risk mitigation. By utilizing Okoora's unified command center, businesses gain control over their foreign currency cash flow, enabling feeless efficiency for global payments across more than 100 currencies worldwide.
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Okoora's dashbord. Credit: Okoora.[/caption]
To bolster its expansion strategy, Okoora has submitted license applications in multiple European countries. This will facilitate its market entry and promote collaboration with financial organizations and private sector businesses across Europe.
Since the platform's launch in January 2022, Okoora has experienced significant growth, attracting over 7,000 enterprises and SMBs as customers. Today the platform has processed tens of thousands of transactions, totaling billions of dollars, and all Okoora customers (100%) acquired in 2022 have renewed their ABCM licenses for 2023.
As the Israeli government embarked on legal reforms, Okoora's system identified a heightened business risk environment. By adhering to Okoora's risk management recommendations, organizations and businesses have successfully mitigated these risks. Satisfied customers continue to highlight the effectiveness of Okoora's platform, and one customer, in particular, reported earning 150 million NIS (approximately US$40 million) within just five months by implementing the system's hedge transaction recommendations. These success stories underscore the platform's value and its potential positive impact on a business’s financial outcomes.
"Okoora's mission is to simplify global currency operations and instill confidence in businesses worldwide," says Benjamin Avraham, CEO and Founder of Okoora. "Our advanced AI-based risk management system continuously analyzes customers' activities, unique characteristics, and the business environment. This, combined with tailored alerts and recommendations, has led to significant financial gains for Israeli businesses, totaling billions of shekels. Building on this success, we now aim to expand our unparalleled technological solution to organizations throughout Europe. As CEO and Founder, I am committed to making currency risk management accessible and seamless, empowering millions of businesses to thrive in the global marketplace."
Looking ahead, Okoora has ambitious plans for expansion and innovation. The company aims to enrich the platform's functionality by introducing new services and extending the range of supported currencies. Okoora has also branched out its services to include Banking as a Service, forging strategic partnerships with foreign financial institutions and Israeli organizations. This collaboration enables millions of end customers to leverage Okoora's solutions within their existing financial infrastructure.
Founded in August 2021 by Benjamin Avraham, a respected entrepreneur and the founder of Ofakim Group, Israel's leading financial risk management company, Okoora currently operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India. In anticipation of its continued growth and market expansion into further European countries, Okoora plans to double its workforce to enhance its capabilities and deliver exceptional service to its expanding customer base. Okoora operates as a bootstrap without external investments and achieved profitability in 2023.
ABCM by Okoora represents a significant development in the financial market, offering businesses a comprehensive solution for managing financial systems. The platform's integration of operational tools, currency risk management modules, and integration to a wide network of banks and transaction (trading) rooms sets it apart from its peers. Thousands of businesses and companies across various industries and sectors currently use Okoora’s solutions.
