Fintech startup okoora "saves businesses over $3 billion in forex transactions"

Fintech startup okoora, which has offices in Limassol, has announced that it has achieved cumulative savings of more than $3 billion for its customers through international foreign exchange transactions to date.

The savings, primarily achieved in 2023, were obtained through the use of the okoora Automated Business Currency Management (ABCM™) integrated cloud platform that manages global payments, transactional banking, and risk management, a press release from the company said.

Founded in 2021, the self-funded Swiss-Israeli startup achieved profitability last year, which, according to the company, demonstrates the market potential for its AI-powered hub that delivers real-time insights into global currency markets.

Given the increased volatility and complexity of international financial markets in the post-Covid era, okoora experienced an 83% growth in its customer base during 2023. The ABCM platform already has 13,000 registered clients. The fintech company recorded a 465% increase in payment transactions and a 161% increase in protection transactions over the past year, its press release also noted.

okoora has taken significant strides toward positioning itself in the European market, and at the end of last year, it opened a new branch in Limassol. The company plans to launch in two additional European countries this year, with new offices opening in due course. "This move places okoora in a strong position to secure licenses for full-scale commercial operations across the 27 EU countries as it aims to benefit millions of businesses operating within this region," the company said in its press release.

The ABCM platform is delivered to customers as a cloud-based subscription software-as-a-service solution. This integrates several operational tools, a foreign exchange risk management system, and access to a global network of thousands of banks and trading rooms. okoora is also the first company in the world to offer an API in the field of currency risk management.

Most recently, okoora introduced several new features to its ABCM – one-click foreign account opening (Payments Account), Payment on Behalf, and Fast Payment. These offerings have been launched in response to customers' requirements to navigate volatile currency markets more effectively, the company says.

Using the ABCM subscription plans, customers can open foreign accounts free of charge for the initial accounts. The number of free accounts that can be opened is determined by the type of subscription plan a customer is on.

Through real-time monitoring and proactive risk management strategies built into the ABCM platform, okoora shields businesses against rising currency conversion costs and fluctuations in currency values. The platform includes features such as exchange rate insurance and rate locking.

"The surge in the use of okoora reflects the confidence that businesses have in the platform we've developed. Its user-friendly interface and powerful foreign exchange risk management capabilities have saved numerous businesses substantial amounts of money," said Benjamin Avraham, CEO and founder of okoora. "In essence we've created a cloud-based solution that enhances the currency exchange and risk management field, simplifying and empowering cross-border operations for businesses across the world. We plan to continue expanding into the European market as the value proposition provided by ABCM ensures our customers can benefit from significant savings and the peace of mind that their foreign currency transactions are optimized."

okoora, established by Avraham, the founder of Ofakim Group – an Israeli financial risk management firm – currently boasts a committed team of 100 professionals based across Israel, Switzerland, Germany, Cyprus, and India. With sights set on further European expansion, okoora is gearing up to expand its workforce, aiming to bolster its operational capacity and provide outstanding service to its growing clientele, the company's press release concluded.

(Photo credit: Eyal Toueg)