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

Fintech startup okoora has facilitated cumulative savings exceeding $3 billion for its clients through international foreign exchange transactions to date.

These savings, mainly accrued in 2023, were realised via the okoora Automated Business Currency Management (ABCM) cloud-based integrated platform, which oversees global payments, transactional banking, and risk management.

Established in 2021, the self-funded Swiss-Israeli startup reached profitability last year, underlining the market demand for its AI-driven hub that offers instant insights into global currency markets. With the post-Covid era ushering in heightened volatility and complexity in international financial markets, okoora saw its customer base expand by 83% in 2023. The ABCM platform now boasts 13,000 registered clients. The company experienced a 465% surge in payment transactions and a 161% increase in protection transactions over the previous year.

Okoora has made considerable progress in cementing its presence in the European market, culminating in the inauguration of a new branch in Limassol, Cyprus, at the end of last year. The company has plans to extend its operations to two more European countries this year, with the opening of new offices imminent. This expansion is a strategic move to secure licenses for expansive commercial activities across the 27 EU countries, aiming to serve millions of businesses within this region.

The ABCM platform is offered to clients as a cloud-hosted subscription under the software-as-a-service model. It amalgamates various operational tools, a foreign exchange risk management system, and access to an extensive global network of banks and trading facilities. Notably, okoora is the pioneer in offering an API for currency risk management.

Recently, okoora rolled out new features to its ABCM, including one-click foreign account opening (Payments Account), Payment on Behalf, and Fast Payment, in response to customer needs for more effective navigation of volatile currency markets.

With ABCM subscription plans, customers are able to open foreign accounts without any charge for the initial accounts, with the number of free accounts depending on the subscription plan selected.

Through the ABCM platform's real-time monitoring and proactive risk management strategies, okoora protects businesses from the escalating costs of currency conversion and currency value fluctuations. The platform encompasses features like 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 optimised.”