Dubai-based technology company Astra Tech has secured a groundbreaking $500 million financing for its fintech subsidiary, Quantix Technology Projects, to further develop its consumer lending platform. This funding is believed to be the largest-ever investment in a UAE fintech and was provided by Citi.
Quantix, which made history in July as the first UAE-based fintech to receive a finance license from the UAE central bank since 2008, will use the funds to expand its CashNow lending platform, which offers instant cash loans. The financing is part of Astra Tech’s ambitious plan to grow its Ultra app—an all-in-one digital platform for services such as financial management, voice calling, shopping, and more.
The Ultra app, which already boasts over 150 million users across 155 countries, is a central component of Astra Tech’s strategy to offer seamless financial services. According to Astra Tech Managing Director Tariq Bin Hendi, the financing from Citi will allow the company to enhance the user experience and build a platform that empowers consumers to make financial decisions with ease.
Astra Tech has already integrated fintech company PayBy, voice calling platform Botim, and home cleaning service app Rizek into the Ultra app, creating a comprehensive digital ecosystem. In 2022, Abdallah Abu Sheikh, Astra Tech’s founder, announced plans to raise more than $800 million for the Ultra app initiative.
Maria Ivanova, Citi’s banking head for the UAE, praised Astra Tech’s innovative approach, stating, “Astra Tech’s commitment to bridging technology and finance has set a new standard in the region.”
The fintech sector continues to experience robust investment in the Middle East and North Africa (MENA). In November alone, MENA startups raised $258 million, a 92 percent increase from the previous month, with about a third of that amount directed toward fintechs.
Bin Hendi added, “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.”
