Astra Tech’s Quantix secures USD 500 mn funding from Citi

Quantix bags USD 500 mn in funding from Citi: Citigroup has extended USD 500 mn in asset-backed securitization financing to Dubai-based fintech firm Quantix Technology Projects, a subsidiary of Abu Dhabi's Astra Tech, the company said at a press conference yesterday during Abu Dhabi Finance Week and in a LinkedIn post. This marks one of the largest financing agreements ever secured by a UAE-based fintech company.

About Quantix: Quantix, Astra Tech’s consumer lending platform, provides microfinancing and retail financing services, including personal loans, short-term credit, vehicle loans, BNPL, rent now, pay later (RNPL), and send now, pay later (SNPL). The company became the first UAE-based fintech since 2008 to receive a finance company license from the Central Bank of the UAE in July.

WATCH THIS SPACE- The funds will be used to fuel Astra Tech's development of a “super app” integrating services such as digital payments and instant messaging.

REMEMBER- Astra Tech acquired the Gulf region’s most popular voice-calling app Botim in January 2023 as part of its super app strategy. Astra Tech has since upgraded its Botim brand this year to offer several fintech solutions, diversifying into a superapp, including launching Botim Payroll Solution, which it billed as the UAE’s first fully digital payroll and wallet solution for SMEs; introducing a send now and pay later remittance service ; and integrating National Bonds investment services into its app.

Not the first time Astra Tech lands USD 500 mn in funding: UAE AI outfit G42 led a USD 500 mn funding round for Astra Tech in 2022. Last month, G42 acquired Astra Tech founder Abdallah Abu Sheikh’s entire stake in Astra Tech, with Abu Sheikh stepping down as Astra Tech’s CEO.