Wednesday, 31 July 2024, Bengaluru, India
Egyptian-based Synapse Analytics has closed a Pre-Series A funding round in which it raised $2 million. Silicon Badia and Hub71 spearheaded the investment, which was a clear endorsement of the firm’s goal of enhancing business use of artificial intelligence.
Decision-Making with AI
Synapse Analytics aims to help companies make the right decisions through the adoption of advanced artificial intelligence technologies. Collectively, their offering focuses on solving major financial problems and improving financial access within the GCC and Africa.
Financial Decision-Making
Synapse Analytics introduces the latest in artificial intelligence software to banks and other financial institutions. Their platform addresses critical solutions, including credit scoring, cross- and up-sell, dynamic and real-time price management, and eKYC/eKYB. AI, therefore, can be incorporated into financial institutions without disrupting the services and improving them to be more inclusive, accessible, affordable, convenient, empowering, as well as safe.
Versatile Technology and Flagship Solutions
Synapse Analytics enables cloud, on-premise, and hybrid solutions. It is this flexibility that enables financial institutions to select an environment that will suit them best. Konan is an MLOps tool that backs AI natively without the need for integration. It helps in credit risk evaluation, credit risk pricing, identification of related products, and creation of the workflow. Doxter is an end-to-end document processing and automation tool. This one extracts factual information from various documents, including IDs, financial statements, and legal papers.
Challenges Synapse Analytics faces in the MEA region
An Egyptian startup, Synapse Analytics, has found the following challenges as it seeks to promote the use of AI in MEA as a responsible tool. Currently, the MEA region has financial inclusion challenges. A large population of consumers still has no or only limited contact with financial institutions. This is something that Synapse Analytics seeks to solve by offering next-generation AI solutions for financial decisions such as credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB.
Every country in the MEA region has its regulatory standards concerning AI and finance. Consequently, Synapse Analytics has to manage these issues to operate in compliance while providing cutting-edge solutions. The MEA region is also diverse in terms of cultural communication where there are many languages and dialects spoken. To compound matters, Synapse Analytics’ AI solutions have to be adapted to linguistic and cultural differences.
Security of the customers’ information remains paramount. They need to meet the privacy regulations set and ensure that no improper information leaks out. AI adoption means to spread awareness of the technology’s value and prevent misinformation. Synapse Analytics has the problem of market acceptance, where very few people trust the AI solutions. Nevertheless, Synapse Analytics continues its efforts to build a finance future that will be integrated, individualized, and artificial intelligence-based in the MEA region.
Conclusion
While the MEA region moves towards digital finance, Synapse Analytics wants to be ready to support the adoption of the best practices of artificial intelligence. This commitment is underpinned by their collaboration with Silicon Badia and Hub71.
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