Egyptian artificial intelligence (AI) startup, Synapse Analytics, has successfully secured a $2 million investment to bolster its AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa, with a primary focus on transforming the financial sector. The investment round was led by venture capital firm Silicon Badia and Hub71, Abu Dhabi.
This milestone comes two years after Synapse Analytics raised a $2 million pre-Series A round aimed at accelerating business adoption of AI and expanding its operations. Founded in 2018 by Ahmed Abaza and Galal El Beshbishy (COO), Synapse Analytics aims to help businesses leverage AI for better decision-making.
As part of Hub71, Abu Dhabi’s global tech ecosystem, Synapse Analytics addresses the challenges of financial inclusion and access by providing modern AI software for financial decisions. Their solutions include credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
Among its suite of solutions is Konan, a flagship Machine Learning Operations (MLOps) platform that facilitates the integration and adoption of AI in financial institutions’ operations. This platform is instrumental in areas such as credit risk assessment, pricing optimization, and product matching. Additionally, Synapse offers Doxter, a comprehensive document extraction and process automation platform, enabling clients to process and store verifiable data from diverse documents like IDs, financial statements, and legal documents.
El Beshbishy emphasized the importance of integrating AI seamlessly with existing data sources, core banking, and loan systems, describing this integration as the “dark matter” of AI. “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,” he stated.
Synapse Analytics has established partnerships with major banking product providers, including Amazon Web Services (AWS), a cloud computing platform, and Crealogix, a startup offering software solutions for digital banking, wealth management, and application processing.
The Egypt Artificial Intelligence market is anticipated to reach $877.30 million in 2024, with an annual growth rate (CAGR 2024-2030) of 28.63%. This growth trajectory is expected to elevate the market volume to $3,973.00 million by 2030.