Israeli-Swiss fintech startup Okoora expands to Poland

Okoora, the Israeli-Swiss fintech startup, has announced its expansion into the Polish market. The company, which has developed an AI-based cloud platform for global payments, banking, and risk management, aims to extend its activities within the European Union through this strategic move.

Okoora's operations in Poland will include sales offices, a marketing team, customer service, and an R&D center to support further product development. By entering the Polish market, Okoora intends to assist businesses in planning, managing, and executing cross-border foreign exchange transactions. The company's Automated Business Currency Management (ABCM™) platform helps businesses manage the risks associated with currency exchange rate volatility. Additionally, Okoora offers Banking-as-a-Service (BaaS) through APIs, enabling fintech companies, banks, and other financial institutions to provide banking services that integrate transactions and risk hedging.

The expansion to Poland follows the opening of Okoora’s offices in Limassol, Cyprus, aimed primarily at ensuring the platform’s compliance with EU regulations. However, Poland is the first major European market where Okoora plans to market and sell its services to the local business community. One of the reasons for choosing Poland as a launching point for the European market is its membership in the European Union while retaining its own currency, the złoty. Furthermore, Poland has a thriving fintech industry. According to research sponsored by Okoora and Mastercard (Map of Polish Fintech), Poland is home to 368 fintech companies, and global fintech firms like Binance, Curve, Kevin, Revolut, and Tink have established R&D centers there.

The total assets of all banks in Poland are estimated at €564 billion. Small and medium-sized enterprises (SMEs)—Okoora’s main target audience—comprise 99% of the Polish economy, exporting about 50% of their products and services and accounting for 45.3% of the GDP. Beni Avraham, founder and CEO of Okoora, said, "We are entering the Polish market with the belief that foreign exchange management solutions can and should undergo a revolution. When we assessed the European market, Poland scored high due to its developed banking sector, extensive foreign trade, and other economic indicators. Additionally, Poland offers economic incentives that make establishing an R&D center there feasible. We believe this is the best place to kick-start our expansion into the European market."

Beni Avraham added, "Another reason for choosing Poland as a point of entry into the European market is the substantial volume of currency exchanges between the Israeli shekel and the Polish złoty conducted on our platform—ranking fifth among EU countries, ahead of countries like Spain and France."

Since the launch of the ABCM platform, Okoora has saved businesses in Israel over NIS 11 billion in international forex transactions, while addressing increased financial risks in Israel in 2023 due to the judicial reform and the war in Gaza. The platform achieved 83% growth in the number of clients in 2023, with around 15,000 customers registered so far. Over the past year, the company has seen a 465% increase in payment transactions by its clients and a 161% rise in the volume of transactions hedging against currency exchange rate fluctuations.

Founded in August 2021 by Beni Avraham, the founder of Ofakim Group, Israel's leading financial risk management company, Okoora reached profitability in 2023 and operates as a bootstrap company without external investor funding. The company employs about 100 professionals across Israel, Switzerland, Germany, Cyprus, and India, and is recruiting dozens more employees for its Israeli branch to support its growth domestically and internationally.