Synapse Analytics, an Egyptian artificial intelligence (AI) startup, has successfully raised $2 million to support its expansion into the Gulf Cooperation Council (GCC) and Africa. The investment, led by Silicon Badia and Hub 71 from Abu Dhabi, is aimed at transforming the financial sector through advanced AI solutions.
This latest round of funding follows a previous $2 million pre-Series A investment the company received two years ago, which was used to accelerate its efforts in helping businesses adopt AI technology. Synapse Analytics, founded in 2018 by Ahmed Abaza and Galal El Beshbishy, focuses on leveraging AI to enhance business decision-making processes.
As a member of Hub71’s global tech ecosystem, Synapse Analytics addresses critical challenges in financial inclusion and decision-making by providing state-of-the-art AI software. Their offerings include solutions for credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
One of the company’s flagship products is Konan, a Machine Learning Operations (MLOps) platform designed to facilitate the integration and adoption of AI within financial institutions. Konan aids in credit risk assessment, pricing optimization, and product matching. Another key product is Doxter, a comprehensive document extraction and process automation platform. Doxter allows clients to efficiently process and store verifiable data from various documents, including IDs, financial statements, and legal papers.
El Beshbishy highlighted that a significant aspect of Synapse Analytics’ technology is its ability to integrate AI seamlessly with existing data sources, core banking systems, and loan management systems. This integration enables financial institutions to deploy AI systems more effectively, approve more customers, and maintain stringent risk management standards.
Synapse Analytics has established partnerships with major banking product providers, such as Amazon Web Services (AWS) and Crealogix. AWS offers cloud computing solutions, while Crealogix provides software for digital banking and wealth management.
The artificial intelligence market in Egypt is expected to grow significantly, reaching $877.3 million by 2024. The market is projected to expand at an annual growth rate of 28.63%, potentially reaching $3.97 billion by 2030. This growth underscores the increasing importance and potential of AI in the region’s financial sector.
