Synapse Analytics, a pioneering AI startup, has announced the successful completion of a USD 2 million funding round led by Silicon Badia. This investment will drive the expansion of Synapse Analytics’ AI technologies across the GCC and Africa, enhancing financial decision-making capabilities for regional institutions. In 2022, Synapse Analytics secured Series A funding of USD 2 million, led by Egypt Ventures, with the participation of Cloudera’s founder, Amr Awadallah, and Africa Platforms Founder, Simon Rowlands.

Synapse Analytics, addresses critical socioeconomic challenges such as financial inclusion and access. By providing advanced AI software, the company aims to revolutionize financial decisions, including credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB processes.

AI-Driven Financial Inclusion

Ahmed Abaza, Co-Founder and CEO of Synapse Analytics, emphasized the transformative potential of AI in financial services. “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,” Abaza stated. He envisions a future where accessing financing is as simple as signing up for an app, with banks anticipating customer needs to deliver highly personalized services.

In a region characterized by a young population, growing economies, and rapid adoption of digital finance, Synapse Analytics’ solutions are poised to meet the increasing demand for innovative financial services. The company’s commitment to enhancing financial inclusion aligns with broader regional goals of economic development and digital transformation.

Cutting-Edge Solutions for Financial Institutions

Synapse Analytics offers a suite of innovative solutions, including:

• Konan: The flagship Machine Learning Operations platform that integrates AI into financial institutions’ existing decision-making processes. Konan’s prebuilt models and data enrichment features optimize risk assessment, increase loan approval accuracy, and expand customer coverage. Financial institutions benefit from Konan’s ability to streamline operations and improve decision-making efficiency, making it a valuable tool for navigating the complexities of modern finance.
• Doxter: A comprehensive document extraction and process automation platform. Doxter processes and stores verifiable data from various documents and offers full Retrieval Augmented Generation (RAG) for faster onboarding and decision-making, particularly for MSMEs. By automating document processing, Doxter reduces administrative burdens and accelerates service delivery, enhancing customer satisfaction and operational agility.

Galal El Beshbishy, Co-Founder and COO, highlighted the importance of seamlessly integrating AI 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,” El Beshbishy said. This capability allows financial institutions to approve more customers while maintaining rigorous risk management standards. By leveraging AI, institutions can enhance their risk assessment capabilities, reduce default rates, and offer more tailored financial products to a broader customer base.

Strategic Partnerships and Market Impact

Synapse Analytics has established 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. These partnerships enable Synapse Analytics to integrate its solutions seamlessly with existing financial infrastructure, ensuring that its AI technologies are accessible and effective for a wide range of financial institutions.

Hamed Masri, Partner at Silicon Badia, noted the company’s standout proprietary technology that addresses critical pain points for financial institutions, significantly impacting non-performing loan (NPL) rates and processing times. “We see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions. 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,” Masri commented.

Future Prospects

Founded in Cairo, Egypt, with a regional hub in Abu Dhabi, UAE, Synapse Analytics is recognized among the top 100 companies leading the 4th Industrial Revolution by the World Economic Forum. The company’s commitment to AI excellence is further underscored by its highly competitive internship programs, attracting over 12,000 applicants annually. These programs not only cultivate the next generation of AI talent but also ensure a steady influx of innovative ideas and perspectives that drive the company’s continuous growth and development.

As Synapse Analytics continues to drive innovation in the financial sector, its focus remains on empowering financial institutions to harness AI’s potential, shaping the future of financial services in the MEA region. The company’s vision extends beyond immediate financial gains, aiming to foster a more inclusive and accessible financial ecosystem that can adapt to the evolving needs of a diverse population.

Synapse Analytics’ strategic approach to AI implementation, combined with its robust technological infrastructure and visionary leadership, positions it as a formidable force in the fintech landscape. With the new funding, the company is set to accelerate its mission of transforming financial services, ensuring that the benefits of AI are realized across the region.