- Synapse Analytics, an Egyptian artificial intelligence (AI) startup, has secured a $2 million in investment to support expansion of AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa, with a focus on transforming the financial sector.
- Silicon Badia, a venture capital firm and Hub 71, Abu Dhabi led the investment.
This development comes two years after the company raised a $2 million pre-Series A round to accelerate efforts to help businesses adopt AI and expand its operations.
Ahmed Abaza and Galal El Beshbishy (COO)founded Synapse Analytics in 2018 to help businesses leverage AI for better decision-making.
The startup, a part of Hub71, Abu Dhabi’s global tech ecosystem, addresses the challenge of financial inclusion and access by providing modern AI software for financial decisions. This includes credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
Its suite of solutions includes Konan, a flagship Machine Learning Operations (MLOps) platform that enables the integration and adoption of AI in financial institutions’ operations in areas such as credit risk assessment, pricing optimisation, and product matching.
There is also Doxter, a comprehensive document extraction and process automation platform which enables clients to process and store verifiable data from diverse documents, such as IDs, financial statements, and legal documents.
El Beshbishy highlighted that a key aspect of the company’s technology involves the "dark matter" of AI—integrating AI seamlessly with existing data sources, core banking, and loan systems.
“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 confirmed.
Synapse Analytics currently has existing partnerships with major banking product providers including, Amazon Web Services (AWS), a cloud computing platform, Crealogix, a startup that offers software solutions for digital banking, wealth management, and processing of applications.
The Egypt Artificial Intelligence market is expected to reach a size of $877.30 million in 2024, with an annual growth rate (CAGR 2024-2030) of 28.63%. This growth is projected to bring the market volume to US$3,973.00 million by 2030.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
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