Silicon Badia and Hub71 Invest $2 Million in Egypt-Based AI Firm Synapse Analytics
Synapse Analytics, a Cairo-based AI company, has secured a $2 million investment led by Silicon Badia and Hub71, based in Abu Dhabi.
Founded in 2018 by Galal El Beshbishy and Ahmed Abaza, Synapse Analytics focuses on leveraging AI to enhance decision-making within organizations.
This funding will enable the company to expand its AI solutions across Africa and the GCC.
This latest investment follows a $2 million pre-Series A funding round in 2022, supported by Egypt Ventures and other investors.
The new capital will help Synapse Analytics advance its technology in the financial sector, offering cutting-edge solutions for credit scoring, dynamic pricing, cross-selling, and eKYC/eKYB (Know Your Customer/Business).
Hub71, Abu Dhabi’s global IT ecosystem, includes Synapse Analytics in its portfolio. The company’s advanced AI software aims to tackle financial inclusion and accessibility challenges by providing sophisticated tools for financial institutions, including AI-powered solutions for credit risk management, pricing optimization, and enhanced customer interactions.
Ahmed Abaza, Co-Founder and CEO of Synapse Analytics, remarked, “AI is more than just a tool—it’s a catalyst for making financial inclusion a reality in the MEA region.
Our technology is designed to help financial institutions offer services that are inclusive, accessible, and user-friendly.
We envision a future where accessing financing is as simple as signing up for an app, and where banks anticipate customer needs with the precision of a morning coffee order.
As we enter this new AI-driven era, we are committed to shaping the future of finance in a region characterized by a young, dynamic population and rapid digital adoption.”
Synapse Analytics’ flagship platform, Konan, simplifies the integration of AI into financial systems.
It enables institutions to utilize AI for credit risk evaluation, pricing strategies, and workflow automation, while seamlessly incorporating machine learning into existing decision-making processes.
Konan’s pre-built models and data enrichment features enhance risk assessment, loan approval accuracy, and client coverage.
In addition, Doxter’s customizable document extraction and process automation technology accelerates data verification from IDs, financial statements, and legal documents.
Doxter’s Retrieval Augmented Generation (RAG) feature speeds up onboarding and decision-making for micro, small, and medium enterprises (MSMEs).
Galal El Beshbishy, Co-Founder and COO of Synapse Analytics, added, “One of the most significant aspects of our technology is its ability to seamlessly integrate with existing data sources and core banking systems.
Our core competency is in successfully deploying AI workloads in a secure and controlled manner.
With our solutions, financial institutions can rapidly and confidently launch AI-powered systems, improving customer approval rates while maintaining rigorous risk management standards.
We are excited to continue driving innovation in this critical sector.”
Synapse Analytics has partnered with AWS, Crealogix, and TUMM to lead the AI-driven transformation in the region.
The company also has a regional office in Abu Dhabi and is recognized by the World Economic Forum as one of the top 100 firms in the Fourth Industrial Revolution.
