Okoora, the Israeli-Swiss fintech startup, has introduced its growth into the Polish market. The corporate, which has developed an AI-based cloud platform for world funds, banking, and threat administration, goals to increase its actions throughout the European Union via this strategic transfer.
Okoora’s operations in Poland will embody gross sales places of work, a advertising workforce, customer support, and an R&D heart to help additional product improvement. By coming into the Polish market, Okoora intends to help companies in planning, managing, and executing cross-border international change transactions. The corporate’s Automated Enterprise Forex Administration (ABCM™) platform helps companies handle the dangers related to forex change charge volatility. Moreover, Okoora affords Banking-as-a-Service (BaaS) via APIs, enabling fintech firms, banks, and different monetary establishments to supply banking providers that combine transactions and threat hedging.
The growth to Poland follows the opening of Okoora’s places of work in Limassol, Cyprus, aimed primarily at making certain the platform’s compliance with EU rules. Nonetheless, Poland is the primary main European market the place Okoora plans to market and promote its providers to the native enterprise group. One of many causes for selecting Poland as a launching level for the European market is its membership within the European Union whereas retaining its personal forex, the złoty. Moreover, Poland has a thriving fintech trade. In line with analysis sponsored by Okoora and Mastercard (Map of Polish Fintech), Poland is house to 368 fintech firms, and world fintech corporations like Binance, Curve, Kevin, Revolut, and Tink have established R&D facilities there.
The overall belongings of all banks in Poland are estimated at €564 billion. Small and medium-sized enterprises (SMEs)—Okoora’s essential audience—comprise 99% of the Polish financial system, exporting about 50% of their services and products and accounting for 45.3% of the GDP. Beni Avraham, founder and CEO of Okoora, stated, “We’re coming into the Polish market with the assumption that international change administration options can and will endure a revolution. After we assessed the European market, Poland scored excessive attributable to its developed banking sector, in depth international commerce, and different financial indicators. Moreover, Poland affords financial incentives that make establishing an R&D heart there possible. We consider that is the most effective place to kick-start our growth into the European market.”
Beni Avraham added, “One more reason for selecting Poland as some extent of entry into the European market is the substantial quantity of forex exchanges between the Israeli shekel and the Polish złoty performed on our platform—rating fifth amongst EU international locations, forward of nations like Spain and France.”
Because the launch of the ABCM platform, Okoora has saved companies in Israel over NIS 11 billion in worldwide foreign exchange transactions, whereas addressing elevated monetary dangers in Israel in 2023 as a result of judicial reform and the struggle in Gaza. The platform achieved 83% progress within the variety of purchasers in 2023, with round 15,000 prospects registered thus far. Over the previous 12 months, the corporate has seen a 465% enhance in cost transactions by its purchasers and a 161% rise within the quantity of transactions hedging towards forex change charge fluctuations.
Based in August 2021 by Beni Avraham, the founding father of Ofakim Group, Israel’s main monetary threat administration firm, Okoora reached profitability in 2023 and operates as a bootstrap firm with out exterior investor funding. The corporate employs about 100 professionals throughout Israel, Switzerland, Germany, Cyprus, and India, and is recruiting dozens extra workers for its Israeli department to help its progress domestically and internationally.
