Okoora strengthens European expansion with new Cyprus branch
By Gloria Methri
December 04, 2023
- Banking-as-a-Service (BaaS)
- currency management
- Currency Risk Management Solutions
With an aim to launch operations across the European Union (EU), Swiss-Israeli FinTech start-up Okoora has opened a new branch in Limassol, Cyprus. The new European offices will support the company’s push to obtain an EMI (Electronic Money Institution) license and a Financial Brokerage license in the region.
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 a 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.
The Cyprus branch will employ approximately 30 professionals with specific skills in European regulatory compliance, licensing, technological advancements, and marketing and sales.
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, Okoora currently operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India. Since its launch, the company has garnered over 7,000 business customers. Recently, it 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.
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