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Astra Tech

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Astra Tech
Company typePrivate
IndustryTechnology
Founded2022; 2 years ago (2022)
FounderAbdallah Abu Sheikh
HeadquartersAbu Dhabi, United Arab Emirates
Area served
MENA region
Number of employees
201-500
Websiteastratech.ae

Astra Tech is a UAE-based technology investment and development group operating in MENA region. Astra Tech owns several technology companies, including PayBy, Rizek, Botim, and Quantix LLC. The company is known for its development of the Botim Ultra app, which serves over 150 million users across 155 countries.[1][2]

History

[edit]

Astra Tech was founded by Emirati businessman Abdallah Abu Sheikh in 2022, with the vision of 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.[3][4][5][6][7]

In July 2022, Astra Tech acquired Rizek, a homegrown UAE-born super platform for on-demand personal and home services. The platform boosted the regional gig economy by creating job opportunities, and was first to market with crucial services such as home PCR testing and COVID vaccinations.[8][9]

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. PayBy's acquisition brought sophisticated proprietary payment technologies and financial services to Astra Tech's Ultra Platform to enable a seamless and cashless payment solution for consumers, merchants and businesses.[10][11][12]

In December 2022, Astra Tech received significant investments, including a $500 million funding round led by Abu-Dhabi-based G42, which has supported the company's acquisitions and development of technology.[13][14][15]

In January 2023, Astra Tech acquired BOTIM, the region's most popular VoIP app, which saw its popularity explode during the COVID-19 pandemic as it provided communication solutions such as video, audio, instant messaging, and group chats. By leveraging BOTIM as the base of the Ultra App, Astra Tech was able to reach millions of users in record time to become the MEA region's most trusted consumer platform.[16][17]

In 2023, it partnered with MoneyGram for international money transfers.[18][19][20] By In June 2023, Astra Tech launched its first autonomous AI-operated shopping store in Abu Dhabi,[21] and in July 2023, it entered the Philippine market by acquiring Y Finance.[22][23]

In August 2023, Astra Tech's Botim launched its Prepaid Cards in collaboration with MasterCard, which later proved to be the most issued card for a fintech in the UAE[24][25] and in September 2023, Astra Tech and Ant Group launched the first Alipay integrated cross-border digital payments in the UAE.[26][27] In November 2023, Apple Pay went live on the Botim Prepaid Card,[28][29] and in December 2023, a partnership with Tencent introduced remittances from Botim wallet to over 1 billion WeChat (Weixin Wallet) users in China.[30]

In 2023, Astra Tech was listed in Forbes India's Top 10 Select 200 Companies with Global Business Potential[31] and recognized as one of the "Future 100 Companies" by the UAE Minister of State for Government Development and the Future.[32]

In February 2024, Botim became a fintech platform to offer CBUAE's Aani Solution via Al Etihad Payments.[33] In March 2024, Astra Tech launched ‘CharityGPT’, the region's first GPT for charity, enabling donations through simple text commands on Botim.[34][35] By April 2024, Astra Tech signed a MoU with Abu Dhabi Islamic Bank to integrate Shariah-compliant financial services through the Botim app.[36][37]

In May 2024, Astra Tech launched the MENA region's first Palm Pay technology[38][39] and announced the opening of its strategic office in Dubai's DIFC Innovation Hub.[40][41]

In July 2024, Astra Tech's Quantix became the first fintech to receive CBUAE's Finance Company License.[42]

In 2024, it received the Economic Financial Equity Award by Inc. Arabia's Best in Business Awards[43] and the Digital Banking Platform of the Year by Finance Middle East.[44] The company was also awarded the Business Excellence Award by Westford University College.[45][46]

References

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  1. ^ Release, Press. "Astra Tech's Quantix becomes the first fintech to receive CBUAE's Finance Company License". www.zawya.com. Retrieved 2024-07-29.
  2. ^ عباس, وحيد (2024-07-24). "البنك المركزي يمنح"كوانتيكس"أول ترخيص تمويل منذ 2016". Khaleej Times - Arabic Edition (in Arabic). Retrieved 2024-07-29.
  3. ^ Birch, Kate (2023-08-22). "How UAE Astra Tech is building the MENA region's Ultra App". businesschief.eu. Retrieved 2024-07-29.
  4. ^ "TEDxWestfordUniSharjah | TED". www.ted.com. Retrieved 2024-07-29.
  5. ^ Salian, Neesha (2024-01-25). "Power Letters 2024: Abdallah Abu Sheikh, co-founder and CEO of Astra Tech and Botim". Retrieved 2024-07-29.
  6. ^ Nath, Kanchan (2023-05-09). "Astra Tech launches Botim 3.0 Ultra App". Travel Daily Media. Retrieved 2024-07-29.
  7. ^ "Astra Tech launches the Botim 3.0 ultra app". thepaypers.com. Retrieved 2024-07-29.
  8. ^ Release, Press. "Astra Tech acquires Rizek to move closer to delivering 'ultra platform' to customers". www.zawya.com. Retrieved 2024-07-29.
  9. ^ Birch, Kate (2023-08-22). "How UAE Astra Tech is building the MENA region's Ultra App". businesschief.eu. Retrieved 2024-07-29.
  10. ^ "UAE tech investment group acquires PayBy Fintech firm - Edge Middle East". Edge Middle East. 2022-08-11. Retrieved 2024-07-29.
  11. ^ "Astra Tech acquires PayBy aims to launch its revolutionary 'ultra platform'". IBS Intelligence. Retrieved 2024-07-29.
  12. ^ Bleach, Tom (2023-01-06). "PayBy Receives Licences From the UAE's Central Bank". The Fintech Times. Retrieved 2024-07-29.
  13. ^ "Abu Dhabi's G42 takes on lead investor role in Astra Tech's $500m funding round". gulfnews.com. 2022-12-24. Retrieved 2024-07-29.
  14. ^ Malin, Carrington. "G42 leads Astra Tech's $500m funding round; New Dubai robot cafe". www.middleeastainews.com. Retrieved 2024-07-29.
  15. ^ ""أسترا تك" الإماراتية تستحوذ على تطبيق "بوتيم" | اقتصاد الشرق مع بلومبرغ". Asharq News (in Arabic). 2023-01-12. Retrieved 2024-07-29.
  16. ^ Cabral, Alvin R. "G42-backed Astra Tech acquires VoIP app Botim after $500m funding round". The National. Retrieved 2024-07-29.
  17. ^ "UAE's Astra Tech acquires Botim". Wamda. Retrieved 2024-07-29.
  18. ^ PYMNTS (2023-01-25). "MoneyGram and Astra Tech Team on Money Transfers by Text". PYMNTS.com. Retrieved 2024-07-29.
  19. ^ Desk, BT News (2023-01-28). "MoneyGram partners with Astra Tech's BOTIM to offer international money transfer to its users". Bizness Transform. Retrieved 2024-07-29. {{cite web}}: |last= has generic name (help)
  20. ^ "MoneyGram joins forces with BOTIM for international money transfers". IBS Intelligence. Retrieved 2024-07-29.
  21. ^ Jun 14, Mark Dowdall |; East, 2023 | Middle; Africa; Retail; E-commerce (2023-06-14). "Astra Tech launches autonomous store with Facepay - Seamless Xtra". seamlessxtra.com. Retrieved 2024-07-29.{{cite web}}: CS1 maint: numeric names: authors list (link)
  22. ^ Writer, Staff; Mubasher. "UAE: Astra Tech enters Philippine market through 90% equity acquisition in Y Finance". www.zawya.com. Retrieved 2024-07-29.
  23. ^ "Astra Tech acquires 90% stake in Philippines-based Y Finance". IBS Intelligence. Retrieved 2024-07-29.
  24. ^ Muzoriwa, Kudakwashe (2023-08-16). "Astra Tech debuts new Botim prepaid debit card". Retrieved 2024-07-29.
  25. ^ "Astra Tech brings Apple Pay to its Botim prepaid card customers". IBS Intelligence. Retrieved 2024-07-29.
  26. ^ Reporter, A. Staff. "Astra Tech and Ant Group to launch Alipay cross-border digital payments solution in the UAE". Khaleej Times. Retrieved 2024-07-29.
  27. ^ Salian, Neesha (2023-09-05). "Astra Tech, Ant Group to launch digital payments solution". Retrieved 2024-07-29.
  28. ^ "ApplePay". www.ultrabotim.com. Retrieved 2024-07-29.
  29. ^ Release, Press. "Astra Tech brings Apple Pay to its Botim prepaid card customers". www.zawya.com. Retrieved 2024-07-29.
  30. ^ "MoneyGram and Tencent Financial Technology Announce New Partnership to Enable Digital Remittances to Weixin Pay Wallet Users across China". www.tencent.com. Retrieved 2024-07-29.
  31. ^ "DGMES : Select200". www.forbesindia.com. Retrieved 2024-07-29.
  32. ^ "Future 100 (2023) - Articles & Biography". Entrepreneur. Retrieved 2024-07-29.
  33. ^ "Central Bank, Financial Inclusion and Instant Payments". Payments Space. Retrieved 2024-07-29.
  34. ^ "What Is the Region's First "Charity GPT"?". sandytimes.ae. Retrieved 2024-07-29.
  35. ^ "First-Ever "CharityGPT" Launched on Botim App for Effortless Donations During Ramadan". www.sme10x.com. Retrieved 2024-07-29.
  36. ^ "ADIB Leads With First Integrated Financial Services On Botim App In UAE". OneArabia. 2024-04-24.
  37. ^ Haider, Waquar (2024-05-07). "UAE set to ditch cards for contactless purchases, thanks to palm pay revolution". Mashable ME. Retrieved 2024-07-29.
  38. ^ Kanwar, Aastha (2024-05-24). "Astra Tech In Dubai Unveils Palm Pay, Elevating Biometric Payment Technology". onearabia.
  39. ^ "Astra Tech aims to revolutionize payments with patented palm recognition tech". Fast Company Middle East | The future of tech, business and innovation. Retrieved 2024-07-29.
  40. ^ "Astra Tech bolsters tech vision with strategic Dubai office opening in DIFC Innovation Hub – Bizpreneur Middle East". Retrieved 2024-07-29.
  41. ^ additiv (2024-02-29). "News | additiv opens new office in Dubai to deepen commitment in bringing embedded finance to the Middle East". additiv. Retrieved 2024-07-29.
  42. ^ "Astra Tech's BOTIM app offers services from flight bookings to bond purchasing through chat". Arab News. 2023-10-26. Retrieved 2024-07-29.
  43. ^ "Inc. Arabia Announces the Winners of Best in Business Awards". Inc. Arabia English - en.incarabia.com. Retrieved 2024-07-29.
  44. ^ "Finance Middle East Awards 2024: Shortlist revealed". dhf-capital.com. Retrieved 2024-07-29.
  45. ^ "Westford Awards 2nd Edition: Honoring Excellence Across Business and Beyond". News Westford. Retrieved 2024-07-29.
  46. ^ "إطلاق أول ChatGPT باللغة العربية لتعزيز العروض المدعومة بالذكاء الاصطناعي". Economy Middle East (in Arabic). Retrieved 2024-07-29.
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