| Company type | Private |
|---|---|
| Industry | Technology |
| Founded | 2022 |
| Founder | Abdallah Abu Sheikh |
| Headquarters | Abu Dhabi, United Arab Emirates |
Area served | MENA region |
| Website | astratech |
Astra Tech is a UAE-based technology investment and development group operating in MENA region. [1] [2] [3] Astra Tech owns several technology companies, including PayBy [4] , Rizek, Botim [5] , and Quantix LLC. [6] The company developed Botim Ultra app, which serves over 150 million users across 155 countries. [7] [8]
In 2023-2024, Botim became the most issued fintech card in the country. [9]
In July 2024, Astra Tech's Quantix became the first fintech to receive a Finance Company License Central Bank of the United Arab Emirates. [10] [11]
In December 2024, the American investment fund Citi invested $500 million in Astra Tech's Quantix, marking the largest funding for a UAE-based fintech to date. [12]
Astra Tech was founded by Emirati businessman Abdallah Abu Sheikh in 2022 [13] , with a focus on creating the region's first Ultra App, integrating a wide range of services such free VoIP calls, international money transfers, credit lending, microfinancing bill payments, on-demand and home services, and government services. [14] [15] [16] [17]
In July 2022, Astra Tech acquired Rizek, a homegrown UAE-born super platform for on-demand personal and home services. The platform was first to market with crucial services such as home PCR testing and COVID vaccinations. [18] [14] In August 2022, Astra Tech acquired PayBy to expand its fintech section and receive Stored Value Facility and Retail Payment Services Licenses from the Central Bank of the UAE. [19] [20] [21] In December 2022, Astra Tech received significant investments, including a $500 million funding round led by Abu-Dhabi-based G42 [22] , which has supported the company's acquisitions and development of technology. [23] [24] [25] In January 2023, Astra Tech acquired BOTIM, the region's most popular VoIP app, which became popular during the COVID-19 pandemic as it provided video, audio, instant messaging, and group chats. [26] [27] [28]
In 2023, it partnered with MoneyGram for international money transfers. [29] [30] [31] By In June 2023, Astra Tech launched its first autonomous AI-operated shopping store in Abu Dhabi, [32] and in July 2023, it entered the Philippine market by acquiring Y Finance. [33] [34]
In August 2023, Astra Tech's Botim launched its prepaid cards together with MasterCard, which became the most issued card for a fintech in the UAE [35] [36] and in September 2023, Astra Tech and Ant Group launched the first Alipay+ integrated cross-border digital payments in the UAE. [37] [38] In November 2023, Apple Pay went live on the Botim Prepaid Card, [39] [40] and in December 2023, a partnership with Tencent introduced remittances from Botim wallet to over 1 billion WeChat (Weixin Wallet) users in China. [41]
In 2023, Astra Tech was listed in Forbes India's Top 10 Select 200 Companies with Global Business Potential [42] and recognized as one of the "Future 100 Companies" by the UAE Minister of State for Government Development and the Future. [43]
In February 2024, Botim became a fintech platform to offer CBUAE's Aani Solution via Al Etihad Payments. [44] In March 2024, Astra Tech launched 'CharityGPT', the region's first GPT for charity, enabling donations through simple text commands on Botim. [45] [46] By April 2024, Astra Tech signed a MoU with Abu Dhabi Islamic Bank to integrate Shariah-compliant financial services through the Botim app. [47] [48]
In May 2024, Astra Tech launched the MENA region's first Palm Pay technology [49] [50] and announced the opening of its strategic office in Dubai's DIFC Innovation Hub. [51] [52] In July 2024, Astra Tech's Quantix became the first fintech to receive Central Bank of the United Arab Emirates Finance Company License. [10] In 2024, it received the Economic Financial Equity Award by Inc. Arabia's Best in Business Awards [53] and the Digital Banking Platform of the Year by Finance Middle East. [54] [55]