Eurora Group CEO: We view the UK as one of our key markets
Eurora Solutions, the provider of a AI/ML (artificial intelligence/machine learning) backed cross-border trade compliance platform, has announced the opening of its Central UK office in London.
The new London office aligns with the Company’s strategy to expand geographically and follows a successful US$40 million Series A funding round earlier this year. Eurora’s Commercial Director Paul Scratchley, an e-commerce and logistics expert, with over three decades of experience, will head the London office.
Before joining Eurora, Paul was the UK Sales Director at Jersey Post, where he designed and developed a full circular e-commerce offering. He has also previously served as Commercial Director at alternative delivery firm Collect Plus, and as Chief Commercial Officer at the same-day delivery service Gopher. Paul held various senior positions at Target Express, UK’s largest independent express parcel carrier, which was renamed City Link aften an acquisition.
London: the next step in Eurora’s expansion plans
In addition to the new London office, Eurora recently announced the opening of a central office in Miami, along with the appointment of Chris Lentjes, a Pitney Bowes and DHL veteran with more than 20+ years of industry experience, as its US CEO. And earlier this week, Eurora announced that global e-commerce heavyweight Walter Trezek joined as the Non-Executive Chairman of the Supervisory Board. Walter is Chairman of the Consultative Committee of the United Nation’s Universal Postal Union, co-chair of Ecommerce Europe and an advisor to the European Commission. Before the end of the calendar year, Eurora plans to open an Engineering Hub in Dubai and an Innovation and Research Center in Estonia.
Eurora’s platform can be used by online sellers, marketplaces, logistics and postal companies to automatically create electronic declarations for duties and taxes via simple API integration. It also assigns e-commerce products an appropriate HS code. Using AI and ML, Eurora automatically processes 5,000 requests per second with up to 98% accuracy, the highest level of accuracy, speed, and automation available on the market. It operates at a fraction of the time and price of hybrid or manual code allocation solutions commonly used today.
Paul Scratchley, the Commercial Director of Eurora, said: “To tackle the mounting pressure on the e-commerce sector from climbing costs, increasing demand and a swathe of recent regulatory changes, the industry requires complete, accurate and compliant data on all cross-border shipments. Eurora’s leading in-house scientists have developed a single cross-border compliance engine capable of navigating the complex regulations around international shipping to ensure compliance. Eurora’s platform automates duty and tax calculations, allocates correct HS or commodity codes, provides screening of prohibited, restricted and denied parties and cuts the red tape caused by Brexit. Eurora promises to make international trade with the European Union seamless again.”
Marko Lastik, the founder and Group CEO of Eurora, said: “We view the UK as one of our key markets. After China and the US, the UK is the third biggest e-commerce market in the world – as of June 2022, e-commerce revenues in the UK reached US$99.90 billion and are projected to rise to US$285.60 billion by 2025. On a per capita basis, the Brits spend the most online – US$4,201 per capita, compared to US$3,428 per capita for American shoppers and US$1,855 for Chinese shoppers. The opportunity in the UK is therefore substantial. With an executive of the calibre of Paul at the head of our UK operations, I’m confident that our proprietary AI-powered e-commerce compliance platform can add value, lower costs for companies and consumers across the industry and enable us to capitalise on this opportunity”.