Okoora launches European expansion with new Cyprus branch
11:39 - 05 December 2023
Swiss-Israeli fintech startup Okoora has opened a new branch in Limassol, in what it said was a strategic move to launch operations across the entire European Union.
It said its new European offices will support its push to obtain an EMI (Electronic Money Institution) licence, which will assist it in facilitating incoming and outgoing electronic payments within EU countries; and a Financial Brokerage licence, granting authorised European investment company status.
These licences are critical to its desire to expand collaboration with financial institutions and private sectors across the continent, the company said.
The Okoora Automated Business Currency Management (ABCM™) cloud-based platform is powered by artificial intelligence (AI) and designed to streamline global payments, banking, and risk management. ABCM offers a comprehensive suite of operational tools, an advanced foreign exchange risk management system, and access to an extensive network of banks and transaction rooms. The system delivers real-time insights into currency markets, simplifies currency management, and provides AI tools for mitigating currency risks while giving businesses control over their foreign currency flow.
Since its launch in 2021, Okoora has seen remarkable growth, with over 7,000 business customers. Recently, it has entered a collaboration with Paysend, a global payment platform. Through this partnership, Paysend has API access to the Okoora ABCM AI-powered hub to facilitate payments to all Israeli clearinghouses and enable precise and efficient business transactions in the country.
The Cyprus branch will employ approximately 30 professionals with specific skills in European regulatory compliance, licensing, technological advancements, and marketing and sales. This supports Okoora’s expansion strategy, which requires the company to meet rigorous international regulatory standards and ensure compliance and security in a dynamic financial environment.
Benjamin Avraham, Founder and CEO of Okoora, said: “The opening of our Cyprus branch marks a crucial milestone in our desire to secure licenses for full-scale commercial operations across the 27 EU countries, benefiting millions of businesses operating within this region. Additionally, we aim to extend access to our platform to financial entities and institutions through a Banking-as-a-Service model that we have already successfully deployed in Israel and are seeing growing demand for.”
Founded in August 2021 by 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.