UAE-based fintech Quantix Technology Projects, a subsidiary of Astra Tech, has raised $500 million in asset-backed securitisation financing from Citi.

The fundraising transaction is one of the largest provided to a UAE fintech company to date, marking a significant step in enhancing financial innovation across the region, according to a press release.

It reflects Quantix's positive financial performance, strong balance sheet, and fast-growing as well as diverse portfolio of lending products.

The fintech will use the investment to expand its range of financial services and support its growth strategy while anchoring Astra Tech’s position as a leading fintech innovator in the Middle East.

With more than 150 million users globally, Astra Tech is poised to deliver a seamless financial experience, connecting consumers to a full suite of services within a single app.

Tariq bin Hendi, Managing Director of Astra Tech, stated: "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.”

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