Quantix Technology Projects, a subsidiary of Abu Dhabi-based Astra Tech, has raised $500 million in funding from Citi to enhance its financial services offerings. This significant investment, announced during the Abu Dhabi Finance Week on Wednesday, is described as “among the largest” ever provided to a UAE FinTech company.

The funds will support Quantix’s CashNow consumer lending platform, which offers services such as lending, credit, and microfinancing. Earlier this year, the company received a finance company licence from the UAE Central Bank, enabling it and its parent company, Astra Tech, to expand their financial services portfolio within the country.

Tariq bin Hendi, board member and managing director of Astra Tech, highlighted the global transformation of the FinTech sector, noting that it is attracting considerable investment. He added, “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.”

Astra Tech, which also owns other platforms such as PayBy and home services app Rizek, is focused on building an all-in-one platform designed to simplify and enhance consumers’ financial decisions, whether it’s securing loans or managing daily finances.

The recent funding comes amidst a rising trend of investment in the region’s FinTech sector. For instance, Saudi Arabia’s BNPL platform Tamara raised $340 million in December last year, with support from major investors such as SNB Capital and Sanabil Investments, highlighting the growing interest in FinTech innovation across the GCC.