Swiss-Israeli fintech startup Okoora and leading Israeli credit card company MAX have formed a strategic alliance to revolutionize the field of foreign exchange. Their collaboration goes beyond currency conversions and focuses on providing a broader range of solutions.
Okoora will leverage its advanced financial technology infrastructure and services suite, including the Automatic Business Currency Management [ABCM] platform, to support MAX’s global payments and risk management needs. MAX will benefit from operational tools, currency risk management modules, and access to a network of banks and trading rooms, enabling efficient foreign exchange operations.
Furthermore, Okoora will offer guidance on Israeli financial regulations to ensure that MAX can build its application within a safe and compliant environment.
Benjamin Avraham, CEO and Founder of Okoora, emphasized that the alliance signifies a strategic and comprehensive approach to foreign exchange solutions, reflecting their shared commitment to fintech innovation. The goal is to redefine the landscape of foreign exchange and provide a robust platform for global currency operations.
Through the partnership, Okoora aims to simplify global currency operations and instill confidence in businesses worldwide. By leveraging Okoora’s infrastructure and collaborating with MAX, liquidity and currency solutions will be enhanced, facilitating more efficient transactions involving different currencies at scale. The platform is designed to accelerate currency transactions and expand MAX’s offering to clients through a digital solution.
The infrastructure provided by Okoora enables the expansion of their value proposition and seamless integration of structured financial solutions, creating a competitive advantage for customers.
MAX’s credit SVP, Yaron Tiktin, highlighted that this collaboration with Okoora allows the purchase of foreign currencies in advance, a first for an Israeli credit card company. The digital FX wallet, connected to customers’ Max credit cards, provides a cheaper, user-friendly, effortless, and safer way to buy foreign currencies for travel or online shopping. The partnership with Okoora aligns with MAX’s goal of simplifying and improving financial management for its customers.
Okoora’s hub, powered by advanced algorithms and AI-driven insights, offers real-time market insights, seamless currency management, and risk mitigation. Businesses gain enhanced control over their foreign currency cash flows, enabling seamless, feeless global payments across more than 100 currencies worldwide.
Since its launch in January last year, Okoora has experienced significant growth, attracting over 7,000 businesses ranging from multinational corporations to SMEs. The platform has facilitated billions of dollars in transactions to date. The deployment of the ABCM platform will enable MAX to develop an app capable of sending and receiving payments in over 100 currencies globally.
Okoora’s infrastructure also allows users to conveniently open multi-currency bank accounts in key locations worldwide. The company is committed to continuously enhancing the functionality of the ABCM environment by introducing more features and expanding the supported currencies.
Founded in August 2021, Okoora operates with a dedicated team of 70 professionals across Israel, Switzerland, Germany, and India. With plans for further market expansion into European countries, Okoora aims to double its workforce and enhance its capabilities to serve its growing customer base. Notably, Okoora has achieved profitability in 2023 without external investments, operating as a bootstrap company.