Synapse Analytics secures USD 2 mn in latest funding round: Local AI startup Synapse Analytics has raised USD 2 mn in a funding round led by Silicon Badia and Hub 71, the company said in a press release.

The plan for the funds: The investment will help Synapse Analytics expand its footprint across the GCC and Africa, the release says without providing any details.

About Synapse Analytics: Founded by Ahmed Abaza and Galal Elbeshbishy in 2018, Synapse Analytics advises firms in industries including financial services, logistics, and fast-moving consumer goods (FMCG) on how best to infuse AI into their businesses. The company aims to “address a critical socioeconomic challenge, which is financial inclusion and access by providing cutting-edge AI software for financial decisions, including credit scoring, cross-selling, and dynamic pricing,” the release read.

What they said: “Our technology is designed to help financial institutions make their services inclusive, accessible, affordable, convenient, empowering, and safe. Imagine accessing financing as easy as signing up for an app with your email … 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,” Abaza said.

Want more? Elbeshbishy was our Founder of the Week last year, where he spoke to us about his background and where he sees the startup over the short term. We also spoke to Abaza for our My Morning Routine column back in 2021.

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