Okoora, an Israeli fintech startup, has achieved a significant milestone by being named in CNBC/Statista's list of the top 250 global fintech companies for 2024. Okoora has developed an AI-based cloud platform that manages global payments, banking, and risk management.
The CNBC/Statista fintech ranking is one of the most prestigious in the tech industry, particularly in fintech. It recognizes companies that have significantly contributed to transforming and innovating 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 like mobile payments, AI, and data analytics. Their market influence and technological strength indicate their competitive edge in the rapidly evolving fintech sector. Innovative fintech companies are revolutionizing financial management, traditional banking operations, and the financial landscape. The 2023 list included notable companies like Ant Group, Tencent, PayPal, Stripe, Klarna, and Revolut.
Okoora has developed an integrated platform for businesses operating in international trade 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. Additionally, it uniquely offers built-in currency risk management tools. The platform, ABCM™: Automated Business Currency Management, is AI-powered and connected to an extensive network of banks, clearinghouses, and trading rooms, ensuring the best price for every transaction. AI tools continuously operate to identify opportunities and threats in the fluctuating exchange rate environment. This platform helps businesses of all sizes navigate the global market confidently.
In February 2024, Okoora announced it had saved Israeli businesses over 11 billion shekels in international foreign exchange transactions since launching ABCM™, with most savings occurring in 2023. That year, Okoora saw an 83% increase in its customer base, a 465% rise in payment transactions by its clients, 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 an R&D center to support further product development. This market entry is a strategic step towards breaking into the European market.
Benny Avraham, Founder and CEO of Okoora, stated, "Being chosen for one of the world's most prestigious fintech lists is a significant milestone and recognition of the unique solution we offer. Numerous payment and online banking companies exist, but none address the core component that almost every business needs: currency risk management. We have simplified and made accessible a complex field, making it natural for companies of all sizes. The value we provide to businesses operating in a global trade environment is immense and unparalleled. We are grateful for the recognition and continue to push forward, adding clients and partners worldwide to the incredible ecosystem we've built."
Okoora was founded in August 2021 by Benny Avraham, founder of Opakim Group, Israel's leading financial risk management company. The company operates as a bootstrap, without external investor funding. Since launching its platform in January 2022, Okoora has experienced significant growth, amassing over 15,000 registered clients. Okoora employs around 100 professionals in Israel, Switzerland, Germany, Cyprus, Poland, and India and is hiring additional staff to support its growth.