Swiss-Israeli fintech startup Okoora has announced a strategic alliance with MAX, a leading Israeli credit card company. This collaboration aims to revolutionize the field of foreign exchange by emphasizing a broader spectrum of solutions, transcending the limitations of mere currency conversions.
Okoora and MAX will leverage Okoora's advanced financial technology infrastructure and services suite. Okoora's Automatic Business Currency Management (ABCM) platform, a cloud-based solution, will serve as an integrated environment for MAX's global payments and risk management needs. With operational tools, currency risk management modules, and access to a vast network of banks and trading rooms, MAX can streamline its foreign exchange operations effectively.
Additionally, Okoora will provide guidance on Israeli financial regulations, ensuring that MAX can confidently build its application within a safe, secure, and compliant environment.
“This alliance between Okoora and MAX signifies a strategic and comprehensive approach to foreign exchange solutions, highlighting the mutual commitment to innovation in the fintech industry,” said Benjamin Avraham, CEO and Founder of Okoora. “Together, we aim to redefine the landscape of foreign exchange and provide a meaningful platform for organizations in the realm of global currency operations.
Powered by advanced algorithms and AI-driven insights, Okoora's hub offers real-time market insights, seamless currency management, and risk mitigation. Through this unified command center, businesses gain enhanced control over their foreign currency cash flows, enabling seamless, feeless global payments across more than 100 currencies worldwide.
"Our mission at Okoora is to simplify global currency operations and instill confidence in businesses worldwide," Benjamin added. "Through our partnership with MAX, we can enhance liquidity and currency solutions, facilitating more efficient transactions involving different currencies at scale. Our platform is designed to accelerate currency transactions, enabling MAX to expand its offering to the clients with a digital solution."
Since its launch in January last year, Okoora has witnessed significant expansion, attracting more than 7,000 businesses ranging from multinational corporations to SMEs. The platform has facilitated countless transactions totaling billions of dollars to date. The deployment of the ABCM platform will enable MAX to develop an app capable of sending and receiving payments in over 100 currencies globally.
“Our infrastructure enables the expansion of our value proposition and the seamless integration of structured financial solutions. We are dedicated to expanding our portfolio of solutions, creating a built-in competitive advantage for our customers," Abraham added.
"It's the first time a credit card company in Israel allows the purchase of foreign currencies in advance. MAX's digital FX wallet is big consumer news for many Israelis who still carry cash when they travel abroad", said Yaron Tiktin, Credit SVP at MAX. "The FX wallet, connected to the customer's Max credit card, allows a cheaper, friendly, effortless and safer way to buy foreign currencies before and during vacations, or online shopping. This collaboration with Okoora serves our goal to make the financial management easier and smarter for our customers."
Okoora's infrastructure empowers users to open multi-currency bank accounts conveniently in key locations worldwide. Okoora is committed to continuously enhancing the functionality of the ABCM environment by introducing more features and expanding the supported currencies.
Founded in August 2021 by Benjamin Avraham, Okoora operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India. With plans for further market expansion into European countries, Okoora aims to double its workforce, enhancing its capabilities to deliver exceptional service to its growing customer base. As a bootstrap company, Okoora has achieved profitability in 2023 without external investments.
