Abu Dhabi Fintech Firm Secures Dh1.8 Billion in Landmark Funding

Abu Dhabi-based fintech company Quantix Technology Projects LLC, a subsidiary of Astra Tech, has announced one of the largest financing deals for a local firm in the sector, securing Dh1.8 billion in asset-backed securitisation financing from global banking giant Citi.

The funding is set to bolster Quantix’s consumer lending platform, CashNow, and expand its financial services portfolio. This milestone underscores Astra Tech’s commitment to enhancing its Ultra app, an all-in-one platform designed to revolutionize how users access essential financial and everyday services.

Expanding the Ultra App Ecosystem

Quantix, which became the first UAE-based fintech to obtain a finance company license from the Central Bank of the UAE in 2008, plans to use the financing to further develop its offerings within the Ultra app. The app integrates a range of services, including payments, cross-border money transfers, and financing solutions, creating a seamless ecosystem for its users.

With over 150 million users globally, Astra Tech envisions connecting consumers to a comprehensive suite of services within a single application—a first-of-its-kind initiative in the region.

Dr. Tariq Bin Hendi, board member and managing director of Astra Tech, hailed the deal as a transformative step for the company and the fintech landscape in the UAE.

“This financing from Citi allows Quantix and Astra Tech to expand the Ultra app ecosystem, offering users a seamless financial experience,” he said. “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.”

UAE’s Booming Fintech Sector

Dr. Bin Hendi highlighted the rapid transformation of the fintech sector, which continues to attract significant global investment. He noted that the GCC, and particularly the UAE, has shown robust growth despite challenging global economic conditions.

The financing deal signals growing confidence in the UAE’s fintech sector and its ability to lead innovation in the region. Astra Tech’s Ultra app, positioned at the forefront of this transformation, is poised to deliver integrated, user-centric financial solutions that redefine how consumers engage with their finances.

With this latest funding, Quantix and Astra Tech aim to cement their position as leaders in the fintech industry while driving the UAE’s ambition to become a global hub for financial innovation.