Silicon Badia and Hub 71, Abu Dhabi, spearheaded the $2 million investment in Egypt-based AI firm Synapse Analytics.
Founded in 2018 by Galal El Beshbishy and Ahmed Abaza, Synapse Analytics is a division of Hub71 that enables organisations to use AI to make smarter decisions. With this funding, Synapse Analytics will be able to provide its AI solutions throughout Africa and the GCC.
In 2022, Egypt Ventures and a few other investors launched a $2 million pre-Series A investment round for Synapse Analytics.
Synapse Analytics, a pioneering startup that helps organisations use AI for better decision-making, raised $2 million from Silicon Badia and Hub 71, Abu Dhabi. This significant investment will allow Synapse Analytics to grow its AI technology across the GCC and Africa, transforming the financial sector.
Abu Dhabi’s global IT ecosystem Hub71 includes Synapse Analytics. Cutting-edge AI software for credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes will help the startup address financial inclusion and access, a major socioeconomic issue.
During the Fintech & AI boom, with its robust and established platform for complicated AI implementations. Synapse’s cloud, on-premise, and hybrid deployment solutions assist financial organisations.
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.”
Konan, the flagship Machine Learning Operations platform, lets financial institutions simply integrate and utilise AI for credit risk, pricing, product matching, and workflows while incorporating machine learning into existing decision rules. Konan’s pre-built models and data enrichment features improve risk assessment, loan approval accuracy, and client coverage.
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Doxter’s customisable document extraction and process automation technology lets clients process and save verified data from IDs, financial statements, and legal documents. Doxter’s comprehensive Retrieval Augmented Generation (RAG) speeds up onboarding and decision-making for MSMEs.
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 partnered with AWS, Crealogix, and TUMM to lead the region’s AI-driven transformation.
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Cairo-based Synapse Analytics has a regional office in Abu Dhabi, UAE. HUB71 Startups was named one of the top 100 4th Industrial Revolution firms by the World Economic Forum. Over 12,000 brilliant applicants apply for its internships, highlighting its position as an AI excellence centre. To change the financial industry, the organisation empowers financial institutions to use AI and pioneer new financial services.
About Synapse Analytics
Synapse Analytics helps companies use and monetise their data with AI and data science tools.These resources help company leaders improve decision-making and performance monitoring.
