Quantix secures $500m asset-backed securitisation financing from Citi
UAE-based Quantix Technology Projects has secured a $500 million asset-backed securitisation financing deal with Citi, with plans to further develop its consumer lending platform CashNow.
Quantix secures $500m asset-backed securitisation financing
Quantix says the financing is “among the largest provided to a UAE fintech company to date”.
A subsidiary of Astra Tech, based in Abu Dhabi, Quantix has operated the CashNow platform since receiving its Financial Company licence from the Central Bank of the UAE (CBUAE) in 2008.
Since then, the company claims to have disbursed AED 2.9 billion ($618 million) in personal loans to around 500,000 customers in the UAE, as part of Astra Tech’s Ultra app ecosystem.
Expected developments to the platform include Sharia-compliant lending, credit cards and SME lending, which are listed on its website as “coming soon”.
“This financing from Citi allows Quantix and Astra Tech to expand the Ultra app ecosystem,” comments Tariq Bin Hendi, managing director of Astra Tech.
This expansion will focus on developing an “all-in-one platform that simplifies and empowers consumers’ financial decisions—whether it’s securing loans or managing everyday finances”, he confirms.
G42-backed Astra Tech has been active on the M&A front in recent years. It acquired home services platform Rizek for an undisclosed sum in 2022 and later went on to snap up payment solutions provider PayBy and voice-calling app Botim.
These acquisitions culminated in the launch of Botim 3.0 in May last year, combining telecom, video calling, and mobile money management tools, including international transfers.
