Benjamin Avraham, Founder and CEO, okoora

Today we're meeting Benjamin Avraham, Founder and CEO at okoora. They specialize in providing businesses worldwide with the financial infrastructure needed to scale their global operations, seamlessly collect and send payments, manage multi-currency accounts, and hedge FX risks.

Over to you Benjamin - my questions are in bold:

Who are you and what's your background?

I am Benjamin Avraham, Founder and CEO of Okoora. My career journey began with a deep fascination for the intersection of finance and technology. After earning my degree in International Business, I spent over two decades working in global financial markets, focusing on foreign exchange risk management and cross-border financial operations.

Throughout my career, I observed the significant inefficiencies and challenges businesses faced in managing financial complexities. This motivated me to transition from traditional financial services to fintech, where I could apply innovative solutions to longstanding problems. My vision has always been to empower businesses with smarter financial tools that simplify global operations. Founding Okoora has been the culmination of this mission.

What is your job title and what are your general responsibilities?

As Founder and CEO, I oversee the strategic direction and operations of okoora. My responsibilities range from shaping our product roadmap and fostering strategic partnerships to championing our vision in the marketplace. I work closely with our leadership team to ensure that every aspect of our business aligns with our mission to simplify global finance for businesses. Additionally, I actively engage with clients to understand their evolving needs, which informs our innovation and growth strategies.

Can you give us an overview of your business?

Okoora is a fintech company revolutionizing how businesses manage their financial operations. Our platform and Core API provide tools for multi-currency account management, cross-border payments, FX risk mitigation, and compliance. What sets us apart is our ability to integrate seamlessly into our clients' workflows, enabling them to scale globally without being bogged down by financial complexities.

Our business model centres on delivering value through embedded finance solutions. For example, with our recently introduced platform feature, FX360, designed to transform how businesses and financial institutions navigate foreign exchange (FX) volatility, our clients gain access to real-time risk management and liquidity tools that reduce costs and improve efficiency. Since its inception, Okoora has entered into key partnerships, expanded to Cyprus and Poland, experienced a 48% growth in its customer base during 2023, and was named as one of the World Top 250 Fintechs by Statista and CNBC for 2024. Additionally, Okoora was listed on the Europas 100 list for 2024, further solidifying our reputation for innovation. We've built a growing base of clients who trust us to power their global operations.

Tell us how you are funded?

Okoora began as a bootstrapped venture, reflecting our strong belief in the value of building a sustainable business model from the ground up. Today, we are self-funded, which allows us the independence to innovate boldly and execute on our vision without external constraints. As we continue to grow, we are evaluating strategic partnerships and funding opportunities that align with our mission to accelerate global expansion.

What's the origin story? Why did you start the company? To solve what problems?

The idea for okoora was born out of frustration with the fragmented and inefficient financial systems that businesses face when operating across borders. Managing FX risk, ensuring compliance, and navigating costly, slow payment systems were recurring pain points I witnessed firsthand.

I started okoora to solve these problems with a unified platform that simplifies global financial operations. By integrating advanced technology with real-world financial expertise, we've created tools that empower businesses to focus on growth, not paperwork or financial bottlenecks. Our solutions transform what used to be a maze of complexity into a streamlined, seamless process.

Who are your target customers? What's your revenue model?

We serve a diverse range of customers: businesses of all sizes for their cross-border financial needs, and both financial and non-financial institutions seeking embedded finance solutions to enhance their offerings. Key sectors include e-commerce, fintech, and financial services.

Our revenue model is based on subscription fees for our platform and APIs, transactional fees on payments and FX conversions, and value-added services such as compliance tools and advanced analytics. For example, one of our clients, a European fintech, leveraged okoora's embedded finance tools to reduce payment processing times by 70% while creating new revenue streams through branded financial services.

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

If I could change one thing, it would be the inertia around adopting open, collaborative ecosystems in financial services. Traditional players often hesitate to embrace embedded finance or open APIs due to legacy systems and regulatory fears. By removing these barriers, the industry could unlock immense value for clients and accelerate innovation.

What is your message for the larger players in the Financial Services marketplace?

To the CEOs and CIOs of large financial institutions: Adaptability is the currency of the future. Embedded finance is not a threat; it's an opportunity to build deeper client relationships and unlock new revenue streams. Partnering with fintechs isn't a sign of weakness; it's a strategic advantage that can help you stay relevant and thrive.

Where do you get your Financial Services/FinTech industry news from?

I regularly read TechCrunch Fintech and The Paypers for updates on the latest trends and innovations. These platforms provide insights into emerging technologies, market dynamics, and success stories.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

• Ewan MacLeod – A fintech thought leader and founder of FinTech Profile, he has a deep understanding of industry trends and innovations.
• Chris Skinner – A renowned author and commentator on financial technology and digital banking, his insights are invaluable.
• Brett King – An author and futurist whose work focuses on the future of banking and fintech innovation.

What FinTech services (and/or apps) do you personally use?

I frequently use okoora as my main multi-currency account for managing global financial operations seamlessly. Additionally, I rely on Plaid for data aggregation to stay ahead of market trends.

What's the best new FinTech product or service you've seen recently?

The rise of "Buy Now, Pay Later" (BNPL) services has caught my attention, particularly solutions like Klarna. Their ability to transform retail transactions and improve accessibility for consumers is reshaping the e-commerce landscape.

Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?

The next few years will be defined by the widespread adoption of embedded finance and the rise of decentralized finance (DeFi). Businesses will demand financial tools that integrate directly into their ecosystems, creating seamless experiences for users. Simultaneously, blockchain and DeFi will challenge traditional banking models, driving innovation in transparency, security, and accessibility.

Another key trend will be the acceleration of AI-driven financial services, from real-time fraud detection to hyper-personalized client experiences. FinTech companies that embrace these trends will shape the future of global finance.

Thank you very much Benjamin.

Read more about Benjamin on LinkedIn and find out more about okoora at okoora.com.