Swiss-Israeli fintech startup Okoora has opened a new branch in Limassol, Cyprus, as it ultimately aims to create a platform to launch operations across the European Union.
Okoora explained that new European offices will support its efforts to obtain an EMI (Electronic Money Institution) licence, which will assist it in facilitating incoming and outgoing electronic payments within EU countries.
Okoora also hopes to receive a Financial Brokerage licence, which would grant it authorised European investment company status. These licences are critical to its desire to expand collaboration with financial institutions and private sectors across the continent.
The new Cyprus branch will employ approximately 30 professionals with specific skills in European regulatory compliance, licensing, technological advancements, and marketing and sales. This supports Okoora’s expansion strategy, which requires the company to meet rigorous international regulatory standards and ensure compliance, as well as security in a dynamic financial environment.
Benjamin Avraham, founder and CEO of Okoora, explained: “The opening of our Cyprus branch marks a crucial milestone in our desire to secure licenses for full-scale commercial operations across the 27 EU countries, benefiting millions of businesses operating within this region.
“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.”
Okoora continues growth ambitions
The Okoora Automated Business Currency Management cloud-based platform is powered by artificial intelligence (AI) and designed to streamline global payments, banking, and risk management. ABCM also offers a comprehensive suite of operational tools, an advanced foreign exchange risk management system, and access to an extensive network of banks and transaction rooms.
The system delivers real-time insights into currency markets, simplifies currency management, and provides AI tools for mitigating currency risks while giving businesses control over their foreign currency flow.
Since its launch in 2021, Okoora has also enjoyed significant growth, boasting over 7,000 business customers. Recently, it has entered a collaboration with Paysend, the global payment platform. Through this partnership, Paysend has API access to the Okoora ABCM AI-powered hub to facilitate payments to all Israeli clearinghouses and enable precise and efficient business transactions in the country.