Okoora, a fintech startup that has developed an AI-based cloud platform for global payments, banking and risk management, has announced the launch of a mobile app designed to simplify international currency payments. Available on Android and iOS devices, the new app allows business customers to make local and foreign currency transfers 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 platform’s core functionality to mobile devices and allows users to convert and transfer foreign currencies, eliminating 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 beneficiaries and make transfers directly from their devices, saving time. Businesses of all sizes can open new wallets, top them up with local or foreign currency, and manage their financial transactions from outside the office. In addition, the app provides real-time insights into currency fluctuation risks, allowing business leaders to take appropriate action even when they are out of the office or traveling for business. The app includes an upgrade program and supports adding new users.
Benny Avraham, Founder and CEO of Okoora, said: “The new app is another milestone in our commitment to equip businesses of all sizes with advanced foreign currency management tools. This move ensures that our users have everything they need to efficiently manage their currencies, no matter where they are.”
Okoora has developed an integrated platform for companies operating in the international trade environment (cross-border). Unlike other payment and banking companies, it offers a unique model that provides essential operational tools that every business needs, such as accounts, wallets, currency conversions, payments, cash flow management, invoices and more, along with integrated currency risk management tools offered exclusively by Okoora. The artificial intelligence-based ABCM™: Automated Business Currency Management platform is connected to a vast network of banks, processors and trading floors, ensuring the company’s clients get the best price for every transaction. AI tools work continuously to identify opportunities and risks in the changing exchange rate environment. The platform helps companies of all sizes and types navigate the global market with confidence.
In February 2024, Okoora announced that it had saved businesses in Israel more than NIS 11 billion on international currency transactions since the launch of ABCM, with most of the savings coming in 2023. That year, Okoora saw an 83% increase in customer volume, a 465% increase in payment transactions, and a 161% increase in currency hedging transactions.
Recently named to CNBC/Statista’s list of the top 250 global fintech companies for 2024, Okoora operates in several target regions around the world, including Israel. The company recently announced its entry into the Polish market, which includes setting up 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, founder of Ofakim Group, Israel’s leading financial risk management company, Okoora is self-funded without external investor support. Since the platform launched in January 2022, Okoora has experienced significant growth, gaining over 20,000 registered customers.
