Synapse Analytics Secures $2M Funding to Fuel Expansion in GCC and Africa

Synapse Analytics, a pioneering startup empowering businesses to leverage AI for better decision-making, announced the successful completion of its latest funding round, securing $2 million led by Silicon Badia. This strategic investment will enable Synapse Analytics to expand its AI technologies across the GCC and Africa, driving transformative change in the financial sector.

Synapse Analytics is part of Hub71, Abu Dhabi’s global tech ecosystem. The startup is poised to address a critical socioeconomic challenge, which is 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. 

In the midst of the Fintech & AI boom, with its robust and proven platform capable of managing complex AI implementations. Financial institutions benefit from Synapse’s versatile technology, which offers deployment options including cloud, on-premise, and hybrid models. 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.

 “We see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions. Hamed Masri, Partner at Silicon Badia, also commented. 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.”

Synapse Analytics was founded in Cairo, Egypt, with its regional hub in Abu Dhabi, UAE. The HUB71 Startups has garnered numerous accolades, including being recognized among the top 100 companies leading the 4th Industrial Revolution by the World Economic Forum. Additionally, its reputation as a center of AI excellence is highlighted by the significant interest in its internship programs, attracting over 12,000 talented applicants annually. The company is committed to transforming the financial sector by enabling financial institutions to harness the power of AI and pioneer the new age of financial services.