Quantix by Astra Tech secures $500 million asset-backed securitization to drive fintech innovation

In a significant development for the UAE fintech sector, Astra Tech, the parent company of Quantix Technology Projects, has secured $500 million in financing support from Citi, marking the largest funding round for a UAE-based fintech to date. This funding, in the form of asset-backed securitization financing, positions Citi as a long-term strategic partner for Astra Tech.

According to a spokesperson from Astra Tech, “The $500 million asset-backed securitization financing from Citi represents the largest fintech transaction in UAE history, underscoring Astra Tech’s position as a leader in financial innovation. This milestone reflects the trust of a global banking leader like Citi in our vision and strengthens Quantix’s ability to deliver financial inclusion and innovation."

"The funding empowers us to expand the CashNow platform and the Ultra app ecosystem, bringing transformative financial solutions to communities across the UAE,” the spokesperson from Astra Tech told Nukta.

Supporting CashNow and beyond

The funds will primarily support Quantix’s CashNow consumer lending platform, which aims to expand its offerings in long-term lending. The financing provides the capital needed to enhance the scalability and reach of CashNow, enabling faster and more accessible microloans. It also bolsters the Ultra app ecosystem, allowing for the integration and expansion of a range of services such as payments, lending, and transfers.

Astra Tech’s spokesperson told Nukta that, “The financing provides the capital needed to enhance the scalability and reach of the CashNow platform, enabling faster and more accessible microloans. It also bolsters the Ultra app ecosystem, allowing us to integrate and expand a range of services such as payments, lending, and transfers. This ensures a seamless and efficient financial experience for users, aligned with our mission of financial inclusion.”

Leading the UAE’s fintech revolution

Quantix holds the distinction of being the first UAE-based fintech to receive a 'finance company license' from the UAE Central Bank. The Ultra app integrates services like payments, cross-border transfers, lending, and bill payments into a seamless ecosystem.

“The Ultra app is designed to be an all-in-one platform that integrates a wide array of financial services, including payments, cross-border transfers, lending, and bill payments. By consolidating these services within a single ecosystem, users can enjoy a seamless and frictionless experience, eliminating the need for multiple platforms,” the spokesperson stated.

A strategic vision for growth

Astra Tech’s focus on partnerships over acquisitions is a key element of its growth strategy. The spokesperson told Nukta, “At Astra Tech, we believe in building meaningful, strategic partnerships that align with our values and vision. Partnerships, such as this milestone collaboration with Citi, allow us to combine our fintech expertise with the strengths of global leaders, fostering sustainable and impactful growth. Joint ventures enable us to create value for all stakeholders while maintaining our commitment to innovation and inclusivity.”

With over 140 million global users, Astra Tech sees significant potential in refining its services to meet the diverse needs of its user base. The spokesperson highlighted this, stating, “Our 140 million global users represent a vast and diverse community with unique financial needs. We see tremendous potential in leveraging this user base to drive innovation and inclusivity. By expanding the CashNow platform and refining the Ultra app, we plan to introduce more tailored solutions, such as microloans and integrated financial services, that address the specific needs of these users.”

Shaping the Middle East’s fintech industry

This milestone financing highlights Astra Tech’s pivotal role in shaping the Middle East’s fintech industry.

As the spokesperson noted, “This milestone solidifies Astra Tech’s leadership in the Middle East’s fintech industry, setting new benchmarks for innovation and impact. The $500 million financing deal with Citi underscores our commitment to advancing financial inclusion, delivering cutting-edge technology, and empowering communities across the UAE.”

By addressing gaps in financial accessibility and creating scalable, user-focused solutions, Astra Tech is driving the region’s fintech evolution and setting the stage for a transformative future.