"The average household worker or lower-income workers, even if they are lucky enough to be able to open a bank account, are extremely restricted with what they can and can't do with it," he said. "We are alleviating that restriction and are providing opportunities for people to grow in a way that traditional financial institutions don't allow them. It has a digital wallet, or we can issue a physical card. It also gives us the ability to increase financial literacy."
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With more than 150 million users globally, Astra Tech aims to connect consumers to a full suite of services within a single app-a first in the region. Millions of its customers use the app for remittances, transactions, payments, and messaging.
He said the app will help save time for those who use it. "We don't want blue-collar workers or lower-income workers spending half a day on the one day that they get off, going to see whether they can save one or two extra dirhams at a different remittance business or trying to figure out what ATM they can line up at to withdraw funds and save the two dirhams that they would be charged or whatever it is that they would be charged," he said. "It's all on our platform. So for me, it's showing them there is more they can do with even a small amount of money they earn."
No equity
Quantix, the first UAE-based fintech to receive a finance company licence from the Central Bank of UAE in 2008, will use the funds to expand its range of financial services.
Dr Tariq explained that financial backing was different from an investment.“There's no equity component to this which is actually a much more significant milestone for us,” he said.“This is a large financial institution offering us a balance sheet that we can deploy to our consumer base through our products at Astra Tech.”
Maria Ivanova, Citi country officer and banking head for the UAE said they were excited to support the company's growth.“Astra Tech's innovative approach and dedication to bridging technology and finance have set a new standard in the region,” she said.“It is our intuition to serve customers and enable growth and economic growth, and this is exactly what this transaction will allow us to achieve.”
This milestone reinforces Astra Tech's vision to develop its Ultra app, a platform that is transforming how users access essential services. The app integrates services such as payments, cross-border transfers, and financing solutions into a seamless ecosystem. With more than 150 million users globally, Astra Tech aims to connect consumers to a full suite of services within a single app-a first in the region.
Dr Tariq Bin Hendi, board member and managing director of Astra Tech, hailed the development. "This financing from Citi allows Quantix and AstraTech 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."
He added that the fintech sector is rapidly transforming, attracting significant global investment. "Fintechs in the UAE need to understand that there's a lot of interest in them and in the UAE," he said. "There's capital available for them. They can actually go out and work in partnership with large financial institutions and grow."
He added that Astratech was helping other businesses to grow. "Come build your business with us," he said. "Plug into our ecosystem and help us drive your growth with what it is that we have at our disposal. Whether it's a user base, access to finance, or the various geographies that we're in, which are more than 150 countries. There's a lot that Fintechs can do with Astra Tech as a parent company. We have become an enabler of the ecosystem."