Okoora is reporting a new office in Cyprus as it looks to broaden its services across the European Union.
Okoora describes itself as a Swiss-Israeli Fintech that provides an Automated Business Currency Management (ABCM) service. This service is said to incorporate Artificial Intelligence (AI) to assist global payments and transfers, banking and risk management. Okoora says it has access to an extensive network of banks and transaction rooms. Okoora is applying for an Electronic Money Institution (EMI) license which will enable it to provide services in the EU>
Launched in 2021, Okoora reports 7,000 business customers and a partnership with Paysend.
The Cyprus branch is expected to employ approximately 30 professionals with skills in European regulatory compliance, licensing, technological advancements, and marketing and sales.
Benjamin Avraham, founder and CEO of Okoora, said the opening of the new branch marks a crucial milestone in our desire to provide commercial operations across the 27 EU countries.
“Additionally, we aim to extend access to our platform to financial entities and institutions through a Banking-as-a-Service model that we have already successfully deployed in Israel and are seeing growing demand for.”
Avraham is the founder of Ofakim Group, an Israeli financial risk management company. Okoora states that it operates as a bootstrapped company without external investments and achieved profitability in 2023.