Synapse Analytics secures $2m to drive AI expansion plans
TLDR
- Synapse Analytics secures $2 million investment for AI expansion in GCC and Africa, focusing on financial sector transformation.
- Investment led by Silicon Badia and Hub 71 to support Synapse's efforts in adopting AI and expanding operations.
- Synapse, founded in 2018, offers AI solutions like credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB for enhanced financial decision-making.
Synapse Analytics, an Egyptian artificial intelligence (AI) startup, has secured a $2 million investment to support the expansion of its AI-powered solutions across the Gulf Cooperation Council (GCC) and Africa, with a particular focus on transforming the financial sector.
The investment was led by Silicon Badia, a venture capital firm, and Hub 71. This development comes two years after the company raised a $2 million pre-Series A round to accelerate efforts in helping businesses adopt AI and expand its operations.
Founded in 2018, Synapse aims to help businesses leverage AI for better decision-making. The startup addresses financial inclusion and access challenges by providing modern AI software for financial decisions. Their solutions include credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.
Key Takeaways
Across Africa, startups are increasingly offering AI-driven services and attracting venture capital to serve various industries. Synapse Analytics currently has partnerships with major banking product providers, including Amazon Web Services (AWS), a cloud computing platform, and Crealogix, a startup that offers software solutions for digital banking, wealth management, and application processing. The Egypt Artificial Intelligence market is expected to reach $877.30 million in 2024, with an annual growth rate (CAGR 2024-2030) of 28.63%. This growth is projected to bring the market volume to $3.9 billion by 2030.
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