Synapse Analytics, a leading artificial intelligence (AI) startup headquartered in Egypt, has announced a successful $2 million funding round led by Silicon Badia and Hub 71, Abu Dhabi. This strategic investment aims to fuel the company’s expansion of AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa, with a particular focus on transforming the financial sector.
Founded in 2018 by Ahmed Abaza and Galal El Beshbishy, Synapse Analytics is a part of Hub71, Abu Dhabi’s global technology ecosystem. The startup specializes in providing advanced AI software designed to enhance financial decision-making processes, including credit scoring, cross-selling, dynamic pricing, and electronic Know Your Customer/Business (eKYC/eKYB) procedures.
The company’s comprehensive suite of AI-driven solutions includes:
- Konan: A flagship Machine Learning Operations (MLOps) platform facilitating the integration and adoption of AI in financial institutions’ operations, particularly in areas such as credit risk assessment, pricing optimization, and product matching.
- Doxter: A versatile document extraction and process automation platform that enables clients to efficiently process and store verifiable data from various documents, including IDs, financial statements, and legal documents.
Synapse Analytics’ technology is designed to be adaptable and can be deployed via cloud, on-premise, or hybrid models, catering to the diverse needs of financial institutions. The company’s focus on addressing the “dark matter” of AI, ensuring seamless integration with existing data sources and core banking systems, sets it apart in the AI landscape.
Ahmed Abaza, Co-Founder and CEO of Synapse Analytics, highlighted the company’s commitment to driving financial inclusion in the Middle East and Africa (MEA) region. He stated, “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.”
The investment from Silicon Badia and Hub 71 is a testament to Synapse Analytics’ potential to revolutionize the financial services sector. Hamed Masri, Partner at Silicon Badia, expressed confidence in the startup’s capabilities, stating, “We see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions.”
With a proven track record and a strong focus on addressing the unique challenges faced by the MEA region, Synapse Analytics is well-positioned to lead the way in AI-powered financial innovation. The company’s ongoing partnerships with major banking product providers, such as AWS, Crealogix, and TUMM, further solidify its role as a key player in the region’s digital transformation.
As Synapse Analytics expands its reach across the GCC and Africa, it is poised to make a significant impact on financial inclusion, accessibility, and overall efficiency within the financial services industry.