Fintech
Okoora gets prestigious recognition in global fintech ranking
Okoora, an Israeli fintech startup, has reached a significant milestone by being named to CNBC/Statista’s list of the top 250 global fintech companies for 2024. Okoora has developed an AI-powered cloud platform that handles global payments, banking, and risk management.
The CNBC/Statista Fintech Ranking is one of the most prestigious in the technology sector, especially fintech. It recognizes companies that have significantly contributed to the transformation and innovation of financial services through technology. The selection process, conducted by analysts, involves evaluating thousands of companies based on criteria such as business model, revenue growth, user base, innovation and impact on the fintech ecosystem.
The companies on this list are pioneers in areas such as mobile payments, artificial intelligence, and data analytics. Their market influence and technological strength indicate their competitive advantage in the rapidly evolving fintech industry. Innovative fintech companies are disrupting financial management, traditional banking, and the financial landscape. The 2023 list included notable companies such as Ant Group, Tencent, PayPal, Stripe, Klarna, and Revolut.
Okoora has developed an integrated platform for businesses operating in international business environments. Unlike other payment and banking companies, Okoora offers a unique model that provides essential operational tools, such as accounts, wallets, conversions, payments, cash flow management and invoices. It also uniquely offers integrated currency risk management tools. The platform, ABCM™: Automated Business Currency Management, is powered by AI and connected to a wide network of banks, clearinghouses and trading floors, ensuring the best price for every transaction. AI tools work continuously to identify opportunities and threats in the fluctuating exchange rate environment. This platform helps businesses of all sizes navigate the global market with confidence. (Credit: EYAL TUAG)
In February 2024, Okoora announced that it had saved Israeli businesses over NIS 11 billion in international currency exchange transactions since the launch of ABCM™, with the majority of the savings occurring in 2023. That year, Okoora saw an 83% increase in its customer base, a 465% increase in payment transactions from its customers, and a 161% increase in currency fluctuation protection transactions.
Okoora operates globally in several key markets, including Israel. Recently, Okoora announced its entry into the Polish market, establishing sales offices, a marketing and customer service team, and a research and development center to support further product development. This market entry is a strategic step towards entering the European market.
Benny Avraham, Founder and CEO of Okoora, said: “Being named to one of the world’s most prestigious fintech lists is a significant achievement and recognition of the unique solution we offer. There are many online banking and payment companies out there, but none address the core component that nearly every business needs: managing currency risk. We have simplified and made accessible a complex field, making it natural for businesses of all sizes. The value we provide to businesses operating in a global business environment is immense and unparalleled. We are grateful for the recognition and continue to push forward, adding customers and partners around the world to the incredible ecosystem we have built.”
Okoora was founded in August 2021 by Benny Avraham, founder of Opakim Group, Israel’s leading financial risk management firm. The company operates as a bootstrap, with no funding from outside investors. Since launching its platform in January 2022, Okoora has seen significant growth, amassing over 15,000 registered clients. Okoora employs approximately 100 professionals in Israel, Switzerland, Germany, Cyprus, Poland, and India and is hiring additional staff to support its growth.