Egyptian company Synapse Analytics has raised US$2 million to expand its AI capabilities, significantly increasing the financial sector in the Gulf Cooperation Council (GCC) and Africa. Additionally, Synapse Analytics is facilitating businesses’ use of AI to enhance their decision-making processes.
Synapse Analytics was established in 2018 to assist companies and organisations in using their data to create data-driven solutions, optimise and analyse operations using machine learning and artificial intelligence (AI), and gain descriptive, predictive, and regulatory insights.
The firm offers innovative AI software for financial decisions, such as credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB procedures, to solve concerns with financial inclusion and access.
Financial institutions benefit from Synapse’s flexible technology, which offers cloud, on-premise, and hybrid deployment options.
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Synapse Analytics: Expanding into Africa and the GCC
Silicon Badia and Hub 71, Abu Dhabi, spearheaded the company’s most recent $2 million fundraising round, which will aid Synapse Analytics in entering new markets in Africa and the GCC.
Ahmed Abaza, co-founder and CEO of Synapse Analytic, said that AI isn’t just a tool – it’s the catalyst for making financial inclusion a reality in the MEA region.
Their technology is designed to help financial institutions make their services inclusive, accessible, affordable, convenient, empowering, and safe.
Envision obtaining loans with the same ease as registering for an email app. In this scenario, financial services are as individualised as your daily cup of coffee since your bank knows ahead of time what you need.
In an area marked by a youthful population, expanding economies, and a quick uptake of digital finance, they are shaping the financial landscape as they usher in this new AI-driven era. In the financial services industry, they envisage MEA leading the way, and the Silicon Badia family is the ideal partner to help them achieve this goal.
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Synapse Analytics: Revolutionizing Banking with AI Partnerships
Synapse Analytics has already established partnerships with significant banking product providers such as AWS, Crealogix, and TUMM, positioning itself as a critical player in the region’s AI-driven transformation.
According to Silicon Badia partner Hamed Masri, they see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions.
The influence customers witness on non-performing loan rates and processing durations amplifies the robustness of their offering. They think there is no better team to carry out the founders’ vision, and they are overwhelmed by how versatile their technology is in different verticals.