Abu Dhabi-based Quantix Technology Projects LLC, a subsidiary of Astra Tech, has announced a landmark $500 million asset-backed securitisation financing from Citi. This significant investment aims to bolster Quantix’s CashNow consumer lending platform and marks one of the largest financings ever extended to a UAE fintech company.
The deal underscores Quantix’s robust financial performance, solid balance sheet, and its fast-growing portfolio of lending solutions. This funding milestone not only strengthens Quantix’s position but also reinforces Astra Tech’s reputation as a leading innovator in the Middle East’s fintech landscape.
As the first UAE-based fintech to secure a Finance Company Licence from the Central Bank of the UAE since 2008, Quantix will leverage the financing to broaden its suite of financial services. This strategic growth will enhance Astra Tech’s ambitious Ultra app, an ecosystem designed to deliver seamless financial solutions to its global user base of over 150 million.
The Ultra app integrates payments, cross-border transfers, and financing solutions into a unified platform. This innovative approach positions Astra Tech as a pioneer in creating an all-in-one financial experience for consumers in the region.
H.E Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, emphasised the significance of the partnership with Citi, stating:
“The fintech sector is undergoing rapid transformation, attracting substantial global investment. The UAE, particularly within the GCC, demonstrates remarkable resilience and growth despite global macroeconomic challenges. This financing from Citi enables Quantix and Astra Tech to expand the Ultra app ecosystem, providing users with an unrivalled financial experience. Our vision is to create a comprehensive platform that simplifies and empowers consumers’ financial decisions, from securing loans to managing everyday finances. This milestone is just the beginning as we redefine the future of financial services in the region.”
Maria Ivanova, Citi’s Country Officer and Banking Head for the UAE, praised Astra Tech’s innovation and leadership, adding:
“We are delighted to support Quantix’s impressive growth. Astra Tech’s pioneering efforts in bridging technology and finance have set new benchmarks in the region. The exceptional execution by Astra Tech’s team has been instrumental in realising this groundbreaking deal.”
Since its inception, Astra Tech has evolved from a nascent tech start-up into a fintech powerhouse, offering a diverse portfolio of brands such as PayBy, Botim, and Rizek. By prioritising financial innovation and an unparalleled user experience, the company has transformed how consumers interact with technology and financial services across the region.
This funding represents another step forward in Astra Tech’s mission to empower individuals and businesses through technology, further solidifying its dominance in the GCC fintech sector.
As Quantix scales its operations and enhances the Ultra app’s capabilities, the company continues to lead the charge in advancing financial technology and fostering innovation across the UAE and beyond. With this landmark financing deal, Astra Tech and Quantix are poised to redefine consumer financial experiences and establish new standards for the industry.
This development reaffirms the UAE’s position as a hub for technological and financial innovation, attracting global investment and driving sustainable growth in the region.
