UAE-Based Fintech Quantix Secures $500M in Debt Financing From Citi

Quantix Technology Projects LLC, a subsidiary of UAE-based fintech Astra Tech, has secured $500 million in asset-backed securitisation financing from Citi to support its CashNow consumer lending platform. CashNow provides personal loans and credit services to consumers, aiming to enhance financial inclusion and access to credit. This investment marks one of the largest financings for a UAE fintech company, reflecting Quantix's strong financial performance and its growing portfolio of lending products.

Founded in 2019 by Abdallah Abu Sheikh, Astra Tech is known for its Ultra app, which integrates services like payments, cross-border transfers, and financing into a unified ecosystem, serving over 150 million users worldwide. The new funding will help expand Quantix’s services and strengthen Astra Tech’s position as a leading fintech innovator in the Middle East.

"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,” H.E. Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, tells StartupScene. “This financing from Citi allows Quantix and AstraTech to expand the Ultra app ecosystem, offering users a seamless financial experience.”

Astra Tech’s recent acquisitions, including the voice-calling app Botim and Emirati fintech PayBy, are part of its strategy to create a super app offering instant messaging and digital payments.