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Israeli-Swiss fintech startup Okoora expands to Poland
Okoora, the Israeli-Swiss fintech startup, has announced its entry into the Polish market as part of its strategy to expand within the European Union. The company, known for its AI-based cloud platform for global payments, banking, and risk management, aims to broaden its EU footprint through this strategic move.
In Poland, Okoora will establish sales offices, a marketing team, customer service operations, and an R&D center to further enhance its product development. By entering this market, Okoora aims to help businesses plan, manage, and execute cross-border foreign exchange transactions. Its Automated Business Currency Management (ABCM
This expansion follows the opening of Okoora’s offices in Limassol, Cyprus, which primarily ensures compliance with EU regulations. However, Poland represents Okoora’s first major European market where it will actively market and sell its services to the local business community. Poland’s membership in the European Union, while retaining its own currency, the złoty, and its robust fintech industry, made it an attractive choice for Okoora. Research by Okoora and Mastercard (Map of Polish Fintech) reveals that Poland hosts 368 fintech companies, with global firms like Binance, Curve, Kevin, Revolut, and Tink establishing R&D centers there.
Poland’s banking sector holds total assets estimated at €564 billion. Small and medium-sized enterprises (SMEs), Okoora’s primary target audience, constitute 99% of the Polish economy, exporting around 50% of their products and services and contributing 45.3% of the GDP.
Beni Avraham, founder and CEO of Okoora, commented, “We are entering the Polish market with the belief that foreign exchange management solutions can and should undergo a revolution. When we assessed the European market, Poland scored high due to its developed banking sector, extensive foreign trade, and other economic indicators. Additionally, Poland offers economic incentives that make establishing an R&D center feasible. We believe this is the best place to kick-start our expansion into the European market.”
Avraham added, “Another reason for choosing Poland as our entry point into the European market is the substantial volume of currency exchanges between the Israeli shekel and the Polish złoty on our platform, ranking fifth among EU countries, ahead of Spain and France.”
Since the launch of the ABCM platform, Okoora has saved businesses in Israel over NIS 11 billion in international forex transactions, while addressing increased financial risks in Israel in 2023 due to judicial reforms and the conflict in Gaza. The platform saw an 83% growth in the number of clients in 2023, with around 15,000 customers registered. Over the past year, the company experienced a 465% increase in payment transactions by its clients and a 161% rise in transaction volumes hedging against currency exchange rate fluctuations.
Founded in August 2021 by Beni Avraham, the founder of Ofakim Group, Israel’s leading financial risk management company, Okoora reached profitability in 2023 and operates without external investor funding. The company employs about 100 professionals across Israel, Switzerland, Germany, Cyprus, and India, and is recruiting dozens more employees for its Israeli branch to support its domestic and international growth.
Source: jpost.com
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