Okoora, a fintech startup that developed an AI-based cloud platform for global payments, banking, and risk management, has announced the launch of a mobile app aimed at simplifying international currency payments. The new app is available on Android and iOS devices, allowing business users to conduct transfers in both local and foreign currencies through multi-currency digital wallets. It connects to the desktop platform ABCM™: Automated Business Currency Management, an AI-powered cloud solution for global payments, banking, and risk management. The app extends the core capabilities of the platform to mobile devices, enabling users to convert and transfer foreign currency, avoiding unnecessary delays in business transactions.
The app allows business users to transfer money on the go, supporting over 100 currencies in more than 150 countries. Users can set up beneficiaries and make transfers directly from their devices, saving time. Businesses of all sizes can open new wallets, load them with local or foreign currencies, and manage their financial transactions from outside the office. Additionally, the app provides real-time insights into currency fluctuation risks, allowing company executives to take appropriate actions even when they are away from the office or traveling for business. It includes an upgrade program and supports the addition of new users.
Benny Avraham, Founder and CEO of Okoora, stated: “The new app marks another milestone in our commitment to empowering businesses of all sizes with advanced tools for managing foreign currency. This step ensures that our users have everything they need to manage their currency efficiently, no matter where they are.”
Okoora has developed an integrated platform for businesses operating in the international trade environment (Cross-Border). Unlike other payment and banking companies, it offers a unique model that provides essential operational tools every business needs, such as accounts, wallets, currency conversions, payments, cash flow management, invoices, and more, along with built-in currency risk management tools offered exclusively by Okoora. The ABCM™: Automated Business Currency Management platform, powered by artificial intelligence, is connected to a vast network of banks, processors, and trading rooms, allowing the company’s clients to receive the best price for each transaction. AI tools continuously operate to detect opportunities and threats in the changing exchange rate environment. The platform helps businesses of all sizes and types navigate the global market confidently.
In February 2024, Okoora announced that it had saved businesses in Israel more than 11 billion shekels in international currency transactions since the launch of ABCM, with most of the savings achieved during 2023. That year, Okoora saw an 83% increase in customer volume, a 465% rise in payment transactions, and a 161% increase in currency hedging transactions.
Recently selected for CNBC/Statista’s 2024 list of the world’s top 250 fintech companies, Okoora operates globally across several target regions, including Israel. The company recently announced its entry into the Polish market, which includes the establishment of sales offices, a marketing and customer service team, and an R&D center to support product development. This market will serve as a springboard into the European market.
Founded in August 2021 by Benny Avraham, the founder of Ofakim Group, Israel’s leading financial risk management firm, Okoora is self-funded without external investor backing. Since launching the platform in January 2022, Okoora has experienced significant growth, amassing over 20,000 registered customers.