Quantix Technology Projects, part of Abu Dhabi-based Astra Tech, has announced securing a substantial $500 million financing deal with Citi to bolster its CashNow consumer lending platform.
The funds will support Quantix’s expansion of financial services, reinforcing Astra Tech’s role as a fintech leader in the Middle East and driving the development of the Ultra app, integrating services like payments and cross-border transfers.
H.E Dr. Tariq Bin Hendi, Board Member and Managing Director of Astra Tech, stated: “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.”
Quantix is the first UAE fintech since 2008 to receive a Finance Company License from the Central Bank of UAE (CBUAE).
