Israeli-Swiss fintech start-up, Okora (okoora), has developed an AI-based cloud platform for managing global payments, banking, and risk management. The company is now expanding its operations in the European Union by entering the Polish market. This expansion will include sales offices, a marketing and customer service team, and an R&D center to support further product development.
Okora’s entry into Poland aims to make it easier for businesses in the country to plan, manage, and execute cross-border foreign exchange transactions. Their Automated Business Currency Management (ABCM™) platform helps businesses manage currency volatility risks. Additionally, Okora offers banking services through APIs, allowing fintech companies, banks, and other financial institutions to offer combined transaction and hedging services to their customers.
The decision to enter the Polish market was influenced by Poland’s position as a member of the European Union with its own currency, the zloty, and a thriving fintech industry. With 368 fintech companies active in Poland and global fintech giants establishing R&D centers in the country, it presented an attractive opportunity for Okora.
Benny Avraham, founder and CEO of okoora, expressed confidence in the Polish market as a strategic entry point into the European market. The company believes that foreign exchange management solutions can benefit from a revolution and see Poland as an ideal starting point for their expansion plans.
Since the launch of the ABCM platform, Okora has saved businesses in Israel over NIS 11 billion in international foreign exchange transactions. The company has experienced significant growth, registering a 465% increase in payment transactions and a 161% increase in protection transactions against currency fluctuations in the last year.
Founded in August 2021 by Benny Avraham, Okora became profitable in 2023 and operates as a bootstrap without external investments. The company has around 100 professionals across multiple countries and is looking to recruit additional employees to support its growth in Israel and abroad.