Astra Tech’s Quantix Secures Landmark $500 Million Financing from Citi, the Largest UAE Fintech Deal to Date
Abu Dhabi, UAE: 11 December 2024 – 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 Central Bank of U.A.E 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 Transfer, 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.
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About Astra Tech:
Astra Tech is the leading consumer technology holding group in the MENA region, focused on transforming everyday services through its Ultra app. The group’s portfolio includes PayBy, Rizek, Botim, and Quantix. Quantix is the first fintech in the UAE to receive a Finance Company License from the Central Bank of the UAE (CBUAE) since 2008. PayBy holds Stored Value Facility (SVF) and Retail Payment Services (RPSCS) licenses, further solidifying Astra Tech’s position in the financial technology sector.
The Ultra app, developed under Botim, operates in 155 countries and serves over 150 million users, providing secure VoIP calling and integrated services such as international money transfers, bill payments, and UAE visa services. Astra Tech is committed to advancing technology and enhancing user experience across the region.
Additional information may be found at www.astratech.ae | LinkedIn: www.linkedin.com/company/astratechgroup/ or via www.cashnow.ai
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi