Astra Tech, the top fintech company in Abu Dhabi, announced that Quantix Technology Projects LLC, a subsidiary of Astra Tech, has obtained a sizeable $500 million asset-backed securitization financing from Citi to support its CashNow consumer lending platform.
An important step toward boosting financial innovation in the region, the funding is one of the biggest given to a fintech company in the United Arab Emirates to date. It displays Quantix’s robust balance sheet, rapid growth, and varied lending product portfolio, as well as its strong financial performance.
The money will be used to broaden Quantix’s financial services offerings. Quantix is the first fintech company based in the United Arab Emirates to be granted a Finance Company License by the Central Bank of the United Arab Emirates since 2008. Quantix’s expansion will be aided by this funding, which will also establish Astra Tech as a prominent fintech pioneer in the Middle East.
Astra Tech’s vision for its Ultra app, a platform that revolutionizes how users access necessary services, is strengthened by this milestone. Services like cross-border transfers, financing options, and payments are all seamlessly integrated into the Ultra app’s ecosystem. Astra Tech is well-positioned to provide a seamless financial experience by connecting customers to a comprehensive range of services through a single app, which is unprecedented in the region and has over 150 million users worldwide.
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.”
Astra Tech has transformed from a startup to a major player in the fintech industry since its founding. The way people in the area interact with technology has changed as a result of its varied portfolio, which includes PayBy, Botim, and Rizek. With a mission to empower people through technology, Astra Tech’s commitment to financial innovation, innovation, and user experience has propelled its growth from a start-up to the fintech powerhouse in the region.
