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 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][13]
History
Astra Tech was founded by Emirati businessman Abdallah Abu Sheikh in 2022,[14] 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.[15][16][17][18]
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.[19][15]
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.[20][21][22] In December 2022, Astra Tech received a $500 million funding round led by Abu-Dhabi-based G42,[23][24] which has supported the company's acquisitions and development of technology.[25][26][27] In January 2023, Astra Tech acquired BOTIM, the region's most popular VoIP app,[28] which became popular during the COVID-19 pandemic as it provided video, audio, instant messaging, and group chats.[29][30][31]
In 2023, it partnered with MoneyGram for international money transfers.[32][33][34] By In June 2023, Astra Tech launched its first autonomous AI-operated shopping store in Abu Dhabi,[35] and in July 2023, it entered the Philippine market by acquiring Y Finance.[36][37]
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[38][39] and in September 2023, Astra Tech and Ant Group launched the first Alipay+ integrated cross-border digital payments in the UAE.[40][41][42] In November 2023, Apple Pay went live on the Botim Prepaid Card,[43][44] and in December 2023, a partnership with Tencent introduced remittances from Botim wallet to over 1 billion WeChat (Weixin Wallet) users in China.[45]
In May 2024, Astra Tech launched the MENA region's first Palm Pay technology[50][51] and announced the opening of its strategic office in Dubai's DIFC Innovation Hub.[52][53] 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[54] and the Digital Banking Platform of the Year by Finance Middle East.[55][56]
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