The Egyptian artificial intelligence (AI) firm, Synapse Analytics, recently secured $2 million to fund its expansion into the Gulf Cooperation Council (GCC) region and across Africa. The funding round was led by Silicon Badia, with the participation of Hub 71 and Abu Dhabi.
Highlighting the transformational potential of AI, Ahmed Abaza, co-founder and CEO of Synapse Analytics, emphasized that the technology will help financial institutions make their services more inclusive and affordable. Abaza also described how the technology is likely to simplify access to finance. He said:
“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.”
According to a Disrupt Africa report, the AI startup Synapse Analytics has already formed partnerships with major banking product providers such as AWS, Crealogix, and TUMM. These collaborations position Synapse Analytics as a key player in the region’s AI-driven transformation, the report said.
Hamed Masri, a partner at Silicon Badia, praised Synapse Analytics’ proprietary technology, which 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 added.
As explained in the report, the Egyptian startup aims to address financial inclusion-related issues using cutting-edge AI software for financial decisions. Financial institutions, on the other hand, benefit from the startup’s versatile technology, which offers deployment options including cloud, on-premises, and hybrid models.
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