Landmark Financing for Quantix Technology Projects
Astra Tech, a Dubai-based technology company, has reached a major milestone with its fintech subsidiary, Quantix Technology Projects, securing financing of $500 million. The funding has been provided by Citi and marks the largest-ever investment in UAE fintech to date, further proving the importance of the region for the global financial technology industry.
PC: Arabian Gulf Business Insight
Quantix has been the first UAE-based fintech to receive a finance license from the UAE Central Bank since 2008. In July, it was declared that the funds will be used to expand its CashNow platform. CashNow provides instant cash loans to users, supporting Astra Tech’s broader mission of innovating in the consumer lending space.
The financing is in line with Astra Tech’s ambitious plans to develop its Ultra app, an all-encompassing digital platform that will offer financial management, shopping, voice calling, and much more. With a user base exceeding 150 million across 155 countries, the Ultra app is at the core of Astra Tech’s vision of providing seamless financial services and empowering users with enhanced decision-making tools.
Managing Director Tariq Bin Hendi said that this funding is crucial for the company as it will ensure the upgrading of the user experience and the building of a true platform for empowering consumers to make financial decisions with ease.
Astra Tech has already integrated various services into the Ultra app, including fintech company PayBy, voice calling platform Botim, and home cleaning service Rizek, creating a robust digital ecosystem. In 2022, founder Abdallah Abu Sheikh revealed plans to raise over $800 million to fuel the app’s growth, demonstrating the company’s commitment to technological innovation.
Citi’s Endorsement and Regional Growth
Citi’s UAE banking head, Maria Ivanova, praised Astra Tech’s achievements, stating, “Astra Tech’s commitment to bridging technology and finance has set a new standard in the region.”
The fintech landscape in the MENA region is also experiencing rapid growth. In November, MENA startups collectively raised $258 million, 92% more than they did the previous month, with approximately one-third of that investment being directed toward fintech initiatives.
Tariq Bin Hendi said, “The fintech sector is transforming rapidly, and such a huge amount of investment is coming from around the world. The GCC and the UAE, in particular, are showing strong growth amidst global macroeconomic challenges.”
Such record-breaking financing is the turning point for Astra Tech, Quantix, and the growing fintech sector in the UAE, opening more avenues for innovation and leadership in digital financial services at the regional level.
