The Israeli-Swiss fintech start-up Okora (okoora), which developed an AI-based cloud platform for managing global payments, banking and risk management, is entering the Polish market in a move that will realize plans to expand its operations in the European Union. The activity in Poland will include sales offices, a marketing and customer service team, as well as an R&D center that will support further product development.
Okura’s entry into Poland will make it easier for businesses in Poland to plan, manage and execute cross-border foreign exchange transactions. Okura’s Automated Business Currency Management (ABCM™) platform helps businesses manage the risks associated with currency volatility. In addition, Okura offers banking services ( BaaS) through APIs that allow fintech companies, banks and other financial institutions to offer their customers banking services that combine transactions and hedging. The expansion to Poland is carried out after the opening of Okura’s offices in Limassol, the main purpose of which is to ensure the compliance of the platform with the European Union The first big one where Okura intends to market and sell its services to the local business community.
One of the reasons for choosing Poland as a point of entry into the European market is the fact that it is a member of the European Union that uses its own currency, the zloty. On top of that, a thriving fintech industry has developed there. According to a study sponsored by Okura and MasterCard (Map of Polish Fintech), 368 fintech companies are active in Poland and global fintech companies such as Binance, Curve, Kevin, Revolut and Tink have opened R&D centers there.
The value of the assets of all banks in Poland is estimated at 564 billion euros. Small and medium-sized businesses – which are Okura’s main target audience – make up 99% of the Polish economy, which export about 50% of their products and services and are responsible for 45.3% of the gross national product.
Benny Avraham, founder and CEO of okoora: “We are entering the Polish market with the belief that foreign exchange management solutions can and should undergo a revolution. When we examined the European market, Poland received high marks due to the developed banking sector, the large-scale foreign trade and other economic indicators. In addition, Poland offers economic incentives that make opening an R&D center there worthwhile. We believe that this is the best place to start our expansion process in the European market.” Benny Avraham added: “Another reason for choosing Poland as the point of entry into the European market is the large volume of currency conversions between the Israeli shekel and the Polish zloty carried out on our platform – which is the fifth largest among the countries of the European Union And countries like Spain and France are ahead.”
Since the launch of the ABCM platform, okoora has saved businesses in Israel over NIS 11 billion in international foreign exchange transactions while dealing with the worsening of financial risks in Israel in 2023 following the legal revolution and the war in Gaza. – 15,000 customers to use it. In the last year, the company registered a 465% increase in the payment transactions made by its customers and a 161% increase in the amount of protection transactions against currency fluctuations.
Okura was founded in August 2021 by Benny Avraham, founder of Ofakim Group, the leading financial risk management company in Israel. The company became profitable in 2023 and is run as a bootstrap without investments from external investors. The company employs about 100 professionals in Israel, Switzerland, Germany, Cyprus and India and is recruiting dozens of additional employees to the company’s branch in Israel in order to support its growth in Israel and abroad.