Abu Dhabi - Sharikat Mubasher: Quantix Technology Projects, a subsidiary of the UAE-based fintech company Astra Tech, secured a substantial $500 million asset-backed securitization financing from Citi to support its CashNow consumer lending platform.
This investment will support Quantix’s growth and solidify Astra Tech as a leading fintech innovator in the Middle East, the company announced in a press release.
The financing represents a significant step in enhancing financial innovation across the region and reflects Quantix’s positive financial performance, balance sheet, and fast-growing and diverse portfolio of lending products.
Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, stated that the financing allows Quantix and AstraTech to expand the Ultra application ecosystem, offering users a seamless financial experience.
He further affirmed the company’s dedication to building an all-in-one platform that simplifies and empowers consumers' financial decisions.
The Ultra application is a platform that transforms how users access essential services. It integrates services such as payments, Cross Border Transfer, and financing solutions into a seamless ecosystem.
Meanwhile, Maria Ivanova, Citi Country Officer and Banking Head for the UAE, said: “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 is a leading consumer technology group in the Middle East and North Africa (MENA) region that focuses on transforming everyday services through its Ultra application. Its portfolio includes PayBy, Rizek, Botim, and Quantix, the first fintech company in the UAE to receive a Finance Company License from the Central Bank of the UAE (CBUAE) since 2008.
