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# INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 51
- URL: https://www.techloy.com/infographic-startup-funding-in-africa-and-the-middle-east-week-51-2024/
- Published: 2024-12-20T10:37:32.000Z
- Updated: 2024-12-20T10:37:32.000Z
- Description: Here are the venture funding activities we tracked in the Middle East and African region this week – including Quantix Technology Projects LLC, Cassava Technologies, Tyme, CredibleX, Payaza, Klickl, Sourcefin, OmniOps, and Juicyway.
- Author: David Adubiina
- Tags: / Startups, Tech in the Middle East, / Money, Tech in Africa

- 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

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### 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.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2024/12/INFOGRAPHIC_Startup-Funding-in-Africa-and-the-Middle-East---Week-51_2024.png)