Astra Tech subsidiary Quantix secures $500million financing from Citi

Quantix Technology Projects LLC, a subsidiary of Astra Tech, a leading fintech company based in Abu Dhabi, announced that it has secured a substantial $500 million asset-backed securitization financing from Citi to support its CashNow consumer lending platform.

The financing is among the largest provided to a UAE fintech company to date, representing a significant step in enhancing financial innovation across the region. It reflects Quantix’s positive financial performance, strong balance sheet, fast growing and diverse portfolio of lending products.

Quantix, the first UAE-based fintech to receive a Finance Company License from Central Bank of U.A.E since 2008, will use the funds to expand its range of financial services. This financing will support Quantix’s growth and solidify Astra Tech as a leading fintech innovator in the Middle East.

This milestone reinforces Astra Tech’s vision for its Ultra app, a platform transforming how users access essential services. The Ultra app integrates services such as payments, Cross Border Transfer, and financing solutions into a seamless ecosystem. With over 150 million users globally, Astra Tech is poised to deliver a frictionless financial experience, connecting consumers to a full suite of services within a single app—a first in the region.

H.E Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, stated, “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. This financing from Citi allows Quantix and AstraTech to expand the Ultra app ecosystem, 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. This is just the beginning, as we continue to scale and redefine the future of financial services in the region.”

Maria Ivanova, Citi Country Officer and Banking Head for the UAE, added, “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.”