INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 51

David Adubiina -
  • UAE fintech company Quantix Technology Projects LLC banks $500M debt financing to support its lending platform 
  • Pan African digital solutions company Cassava Technologies closes $310M in funding and completes business reorganization
  • South Africa’s digital banking innovator Tyme gets $250M Series D to become Africa’s ninth unicorn
  • UAE’s working capital finance platform CredibleX lands $55M in seed round to finance SMEs
  • Nigerian financial provider Payaza receives $32M (₦50 Billion) commercial paper approval to scale operations
  • UAE Web3 banking startup Klickl secures $25M Series A at $125 million valuation to expand operations 
  • South African fintech company Sourcefin acquires $8.2M funding to boost access to SME finance
  • Saudi Arabian AI infrastructure provider OmniOps secures $8M to expand AI infrastructure offerings
  • Nigerian cross-border payments startup Juicyway receives $3M to solve FX shortage problem

UAE fintech Quantix Technology secures $500M debt financing to boost lending platform

Quantix Technology Projects LLC, a UAE-based fintech subsidiary of Astra Tech, has secured $500 million in asset-backed securitization financing from Citigroup.

This milestone represents one of the largest funding rounds in the UAE's fintech sector to date, underlining Astra Tech's impressive financial performance, robust balance sheet, and rapidly growing portfolio of diverse lending products, including PayBy, Botim, and Rizek.

As the first UAE-based fintech to receive a Finance Company License from the Central Bank of the UAE since 2008, Quantix has undergone a remarkable transformation. Its rapid growth and innovation have drawn substantial global investment, further cementing its leadership in the region's financial technology space.

Established in 2019 by Abdallah Abu Sheikh, Astra Tech’s flagship Ultra app integrates payments, cross-border transfers, and financing solutions into a seamless ecosystem with over 150 million users globally.

Specifically, the $500 million funding will bolster Quantix’s CashNow consumer lending platform and support the expansion of the Ultra app ecosystem, enabling a more seamless financial experience for its users.