Quantix Technology Projects, a subsidiary of Astra Tech, has secured a $500 million asset-backed securitization financing from Citi to support its CashNow consumer lending platform. This is one of the largest financing deals ever provided to a UAE-based fintech startup.
"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," said H.E Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech. "This is just the beginning, as we continue to scale and redefine the future of financial services in the region."
As the first UAE-based fintech startup to receive a Finance Company License from the Central Bank of the UAE since 2008, Quantix will use this funding to expand its financial services offerings, solidifying Astra Tech’s position as a leader in the region’s fintech sector. The financing also supports their Ultra app, which integrates services like payments, cross-border transfers, and financing into a seamless ecosystem, serving over 150 million users globally.
"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," stated Maria Ivanova, Citi Country Officer and Banking Head for the UAE. "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 evolved from a start-up to a dominant force in fintech, with a diverse portfolio that includes PayBy, Botim, Rizek, and Quantix. The startup continues to drive financial innovation, empowering users with technology to simplify their financial decisions.
