Egypt-based AI startup Synapse Analytics has raised $2 million in investment led by Silicon Badia and Hub 71, Abu Dhabi to expand its AI technologies across the GCC and Africa.
Synapse Analytics is part of Hub71, Abu Dhabi’s global tech ecosystem. The startup aims to address financial inclusion and access by providing cutting-edge AI software for financial decisions, including credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
Ahmed Abaza, Co-Founder and CEO of Synapse Analytics commented, “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.
Imagine accessing financing as easy as signing up for an app with your email. A world where your bank anticipates your needs, making financial services as personalized as your morning coffee. As we usher in this new AI-driven era, we’re crafting the future of finance in a region characterized by a young population, growing economies, and a rapid adoption of digital finance. We see MEA becoming a pioneer in the financial services world, and we couldn’t find a better partner to join us on this mission than the Silicon Badia family.”
Synapse Analytics’ suite of solutions includes Konan the flagship Machine Learning Operations platform, that enables the easy integration and adoption of AI, now is focused on helping financial institutions’ credit risk, pricing, product matching and building workflows, while easily integrating machine learning within existing decision rules. Konan’s pre-built models and data enrichment features make it valuable for optimizing risk assessment, increasing loan approval accuracy, and expanding customer coverage.
Doxter offers a comprehensive document extraction and process automation platform, allowing clients to process and store verifiable data from diverse documents, such as IDs, financial statements, and legal documents, and is highly customizable to meet specific needs. For MSMEs, Doxter also offers full Retrieval Augmented Generation (RAG), which makes onboarding and decision-making much faster and easier.
Galal El Beshbishy, Synapse Co-Founder and COO, added, “One of the most significant aspects of our technology focuses on “dark matter” of AI, in which AI needs to be integrated seamlessly with existing data sources, core banking, and loan systems. Our core competency lies in successfully shipping AI workloads to production in a safe, secure, and controllable manner. With our solutions, financial institutions can quickly and confidently launch their AI-powered systems to approve more customers while maintaining rigorous risk management standards. We are shaping the future of financial decisions and are excited to continue driving innovation in this critical sector.”
Synapse Analytics has already established 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.
In 2022, Synapse Analytics raised $2 million in a pre-series A funding round led by Egypt Ventures along with other investors.
