- Record funding for UAE fintech
- Cash to fund Astra Tech Ultra app
- All-in-one app has 150m users
Dubai technology company Astra Tech has secured $500 million in financing for its fintech subsidiary, enabling it to further expand its consumer lending platform.
Quantix Technology Projects, which in July was the first UAE-based fintech to receive a finance licence from the UAE central bank since 2008, secured the financing from Citi, in what is believed to be the largest of its kind ever provided to a UAE fintech.
Quantix’s CashNow lending platform offers readily available cash loans. The money raised by the securitisation of its assets will be used to fund Astra Tech’s attempt to build a so-called Ultra app – an all-in-one application for day-to-day services such as managing finances, voice calling, shopping and more.
The Ultra app already has more than 150 million users globally across 155 countries.
Astra Tech managing director Tariq Bin Hendi said the Citi financing allows Quantix and Astra Tech to expand the Ultra app, “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,” he said.
Astra Tech has incorporated the fintech company PayBy, voice calling company Botim and home cleaning services app Rizek into its Ultra app.
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In 2022, Abdallah Abu Sheikh, founder of Astra Tech, said that he was seeking to raise more than $800 million for the Ultra app project.
Maria Ivanova, Citi’s banking head for the UAE, said: “Astra Tech’s innovative approach and dedication to bridging technology and finance have set a new standard in the region.”
Fintechs continue to enjoy healthy backing in the region. Mena startups raised $258 million in November, a 92 percent increase on the previous month, according to investment and research platform Wamda. About a third of the figure was invested in 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.