Introduction
Egypt-based AI startup Synapse Analytics has successfully raised $2 million in a funding round led by Silicon Badia and Hub 71, Abu Dhabi. This investment is set to bolster Synapse Analytics' efforts to expand its cutting-edge AI technologies across the GCC and Africa, aiming to revolutionize the financial sector.
Strategic Investment and Expansion
Synapse Analytics, a pioneering startup dedicated to enhancing business decision-making through AI, announced the completion of its latest funding round, securing $2 million. This strategic investment, led by Silicon Badia and Hub 71, Abu Dhabi, will enable Synapse Analytics to extend its AI-driven solutions, fostering transformative changes in the financial sector.
Addressing Financial Inclusion
As a part of Hub71, Abu Dhabi’s global tech ecosystem, Synapse Analytics is committed to addressing critical socioeconomic challenges such as financial inclusion. The startup provides advanced AI software for financial decisions, including credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
Ahmed Abaza's Vision
Ahmed Abaza, Co-Founder and CEO of Synapse Analytics, emphasized, “AI isn't just a tool—it's the catalyst for making financial inclusion a reality in the MEA region. Our technology is designed to help financial institutions make their services inclusive, accessible, affordable, convenient, empowering, and safe.”
Synapse Analytics' Suite of Solutions
Konan, the flagship Machine Learning Operations platform, facilitates the seamless integration and adoption of AI within financial institutions. It focuses on credit risk, pricing, product matching, and workflow automation, enhancing decision-making processes. Konan's pre-built models and data enrichment features optimize risk assessment, increase loan approval accuracy, and expand customer coverage.
Doxter: Document Extraction and Process Automation
Doxter offers a comprehensive platform for document extraction and process automation, allowing clients to process and store verifiable data from various documents, such as IDs, financial statements, and legal documents. Highly customizable, Doxter also supports Retrieval Augmented Generation (RAG) for MSMEs, streamlining onboarding and decision-making processes.
Galal El Beshbishy's Insight
Galal El Beshbishy, Co-Founder and COO of Synapse Analytics, highlighted, "One of the most significant aspects of our technology focuses on the 'dark matter' of AI, where AI needs to be integrated seamlessly with existing data sources, core banking, and loan systems. Our core competency lies in successfully deploying AI workloads to production safely, securely, and controllably. With our solutions, financial institutions can quickly and confidently launch their AI-powered systems to approve more customers while maintaining rigorous risk management standards."
Partnerships and Recognition
Synapse Analytics has formed multiple partnerships with major banking product providers such as AWS, Crealogix, and TUMM, positioning itself as a key player in the region's AI-driven transformation.
Silicon Badia's Perspective
Hamed Masri, Partner at Silicon Badia, commented, “We see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions. The impact clients see on NPL rates and processing times speaks volumes about the strength of their product. We're excited about the versatility of their tech in other verticals and believe there's no better team to execute on the founders' vision.”
A Commitment to Excellence
Founded in Cairo, Egypt, with its regional hub in Abu Dhabi, UAE, Synapse Analytics is part of the HUB71 Startups. The company has garnered numerous accolades, including being recognized among the top 100 companies leading the 4th Industrial Revolution by the World Economic Forum. Its reputation as a center of AI excellence is further highlighted by the significant interest in its internship programs, attracting over 12,000 talented applicants annually.
Synapse Analytics remains committed to transforming the financial sector by enabling financial institutions to harness the power of AI, paving the way for a new age of financial services.
