Swiss-Israeli fintech startup Okoora is enhancing its AI-driven ABCM™ (Automated Business Currency Management) platform to specifically cater to the unique requirements of startups in managing global payments, banking activities, and risks.

ABCM™, Okoora's integrated AI-driven platform, combines operational tools, a comprehensive system for managing currency risks, and access to an extensive network of banks and transaction rooms. The platform simplifies the management of currency transactions and is designed to assist startups of all sizes and types in navigating the global market securely. Okoora is offering this tailored solution to startups in a 'Banking as a Service' model, allowing them to pay for the services they use without the need to invest in purchasing licenses.

With a range of tools to mitigate currency risks, Okoora's platform aims to address the unique challenges faced by startups in managing global currency transactions, such as receiving investment funds, protecting value from exchange rate fluctuations, and conducting cross-border payments in over 100 currencies worldwide.

'Banking as a Service' Model Minimizes Licensing Requirements

Okoora's platform is offered to startups in a 'Banking as a Service' model, allowing them to pay only for the services they use without the need to purchase licenses. This approach eliminates the financial burden of investing in licenses and provides startups with more flexibility in managing their currency activities. By connecting to Okoora's API, startups can access a comprehensive suite of functionalities, including opening currency accounts, making and receiving payments, currency conversions, and risk hedging. The platform is tailored to the unique needs and characteristics of startups, offering them a comprehensive solution to securely navigate the global market.

Impressive Growth and Customer Satisfaction

Since its launch in January 2022, Okoora has experienced significant growth, accumulating over 7,000 customers in the organizational sector and among small to medium-sized businesses in Israel. In its first year of operation, these customers executed tens of thousands of transactions totaling billions of dollars. Notably, all customers who purchased the ABCM license in 2022 renewed it for 2023, indicating high customer satisfaction and the platform's effectiveness in addressing their currency management needs.

Benefits for Startups and Their Customers

Startups that have adopted Okoora's platform are not only utilizing it for their own currency management needs but also leveraging it to enhance their services for their customers. For instance, a startup in the shipping industry now offers currency hedging to its clients, while startups in the real estate and payroll processing sectors provide their customers with additional platform features, adding value to their offerings. The platform's rich functionality and ease of adoption make it an attractive choice for startups looking to streamline their currency activities and enhance their competitiveness in the global market.

Encouragement from Venture Capital Funds

Venture capital funds are actively encouraging startups to adopt platforms like Okoora's to improve efficiency, maintain stability, and protect against foreign currency risks. With the ability to provide real-time system recommendations for currency conversions, Okoora's AI-powered platform has the potential to generate millions of dollars in profits and prevent similar-scale losses. The global foreign exchange market is known for its high volatility and complexity, making it challenging for startups to navigate without sophisticated tools. By using Okoora's platform, investors can ensure their portfolio companies operate wisely and responsibly in the currency markets, thereby reducing risks and maximizing returns.

Expansion Plans and Partnerships

Okoora is committed to expanding the functionality of its platform by offering additional services and currencies. The company has developed the Banking as a Service model, enabling strategic agreements with large foreign financial bodies and major Israeli institutions. These collaborations will allow millions of end customers to leverage Okoora's solutions while utilizing their existing financial infrastructure. Okoora has also signed a cooperation agreement with Max, one of Israel's largest credit card companies, to integrate its ABCM™ platform as an environment for all of Max's payment and risk management needs. Another recent partnership with Paysend, a global payment platform, will support Paysend's entry into the Israeli market by providing the necessary technological infrastructure.