• UAE-based fintech Quantix Technology Projects LLC, a subsidiary of Astra Tech, has secured $500 million in asset-backed securitisation financing from Citi.
• Founded in 2019 by Abdallah Abu Sheikh, Astra Tech’s Ultra app integrates services such as payments, cross-border transfers, and financing solutions into a seamless ecosystem, with over 150 million users globally.
• The new cash infusion will support Quantix’s CashNow consumer lending platform.
• In early 2023, Astra Tech acquired the voice-calling app "Botim," with the aim of creating a super app with instant messaging and digital payments.
• In July 2022, Astra Tech raised $490 million in funding, enabling it to acquire the Emirati fintech PayBy in the following month.

Press release:

Quantix Technology Projects LLC, a subsidiary of Astra Tech, the leading fintech company based in Abu Dhabi, announced today that it has secured a substantial $500 million asset-backed securitization financing from Citi to support its CashNow consumer lending platform.

The financing is among the largest provided to a UAE fintech company to date, representing a significant step in enhancing financial innovation across the region. It reflects Quantix's positive financial performance, strong balance sheet, fast growing and diverse portfolio of lending products.

Quantix, the first UAE-based fintech to receive a Finance Company License from the Central Bank of the UAE since 2008, will use the funds to expand its range of financial services. This financing will support Quantix’s growth and solidify Astra Tech as a leading fintech innovator in the Middle East.

This milestone reinforces Astra Tech’s vision for its Ultra app, a platform transforming how users access essential services. The Ultra app integrates services such as payments, cross-border transfers, and financing solutions into a seamless ecosystem. With over 150 million users globally, Astra Tech is poised to deliver a frictionless financial experience, connecting consumers to a full suite of services within a single app—a first in the region.

H.E. Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, stated: "The fintech sector is undergoing a rapid transformation, attracting significant global investment. The GCC, and particularly the UAE, continues to exhibit strong growth despite global macroeconomic challenges. This financing from Citi allows Quantix and AstraTech to expand the Ultra app ecosystem, offering users a seamless financial experience. Our vision is to build an all-in-one platform that simplifies and empowers consumers' financial decisions—whether it’s securing loans or managing everyday finances. This is just the beginning, as we continue to scale and redefine the future of financial services in the region."

Maria Ivanova, Citi Country Officer and Banking Head for the UAE, added: “We are excited to support Quantix’s impressive growth. Astra Tech’s innovative approach and dedication to bridging technology and finance have set a new standard in the region. We are also impressed by the exceptional work of Astra Tech’s team, whose expertise and leadership have been instrumental in executing this landmark deal."

Since its inception, Astra Tech has evolved from an emerging tech company into a dominant force in fintech. Its diverse portfolio, including PayBy, Botim, and Rizek, has transformed how users in the region engage with technology. Astra Tech’s dedication to financial innovation, innovation, and user experience has propelled its growth from a start-up to the fintech powerhouse in the region, driven by a mission to empower people through technology.