Quantix, an Astra Tech unit, secures $500M from Citi
Quantix Technology Projects LLC, a subsidiary of Abu Dhabi-based fintech leader Astra Tech, has successfully secured a groundbreaking $500 million asset-backed securitization financing from Citi. This historic deal marks one of the largest financing transactions for a UAE fintech company, underscoring the region’s growing prominence in financial innovation.
The financing will bolster Quantix’s CashNow consumer lending platform, enabling the company to expand its portfolio of financial services and further its mission to provide seamless lending solutions. Quantix is the first UAE-based fintech to receive a Finance Company License from the Central Bank of the UAE (CBUAE) since 2008, highlighting its pivotal role in shaping the nation’s fintech landscape.
Transforming Financial Services with the Ultra App
This achievement reinforces Astra Tech’s vision for its Ultra app, a first-of-its-kind platform in the region that integrates services like payments, cross-border transfers, and financing solutions into a unified digital ecosystem. With over 150 million users across 155 countries, the Ultra app is designed to simplify financial decisions, offering users a frictionless experience for managing everyday finances.
H.E. Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, expressed enthusiasm about the financing:
“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 Astra Tech 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.”
Citi’s Role in Supporting Fintech Innovation
Citi’s support for Quantix reflects its confidence in Astra Tech’s innovative approach to bridging technology and finance.
Maria Ivanova, Citi Country Officer and Banking Head for the UAE, stated:
“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’s Rapid Rise
Since its inception, Astra Tech has transitioned from an emerging tech company to a fintech powerhouse. Its diverse portfolio includes PayBy, Botim, and Rizek, offering services that range from secure VoIP calls to financial transactions and everyday conveniences. Quantix’s success further solidifies Astra Tech’s reputation as a leader in financial innovation across the MENA region.
The Ultra app, a cornerstone of Astra Tech’s operations, combines essential services such as international money transfers, bill payments, and UAE visa solutions into a seamless platform. This user-focused approach has made Astra Tech a trusted name in the region, driven by its commitment to empowering consumers through technology.
About Astra Tech
Astra Tech is a consumer technology holding group in the MENA region focused on revolutionizing everyday services through its Ultra app. Its portfolio includes PayBy, Rizek, Botim, and Quantix, with the latter being the first fintech in the UAE to receive a Finance Company License from the CBUAE since 2008.
For more information, visit www.astratech.ae or connect via their LinkedIn page.
About Citi
Citi operates in over 180 countries, providing financial products and services to corporations, governments, and individuals. Learn more at www.citigroup.com.
