Astra Tech is acquiring and equipping sector-leading customer-centric businesses with disruptive and progressive technologies that will enrich merchants’ and users’ lives with effortless usability and efficiency, a gap that currently remains unfulfilled in the UAE digital commerce space.
PayBy, a leading fintech innovator recently acquired by Astra Tech in August 2022, has been licensed by the Central Bank of the UAE to conduct Stored Value Facility (SVF) and Retail Payment Services (RPS) operations. The license represents one of the country’s highest levels of financial services approvals, enabling Astra Tech’s PayBy to continue altering the fintech landscape with its payment solutions. Customers and merchants will experience ultra-fast and secure services, such as international money transfers, seamless payment solutions, wallet top-ups, and more on Astra Tech’s upcoming app to be launched in the coming months.
Astra Tech will stay true to its mission of offering a more robust value proposition to customers and merchants by eliminating the burden of unfavorable & compounded commission structures that are usually passed on to suppliers, partners, and consumers by today’s super apps.
Astra Tech is one of the biggest additions to the MEA’s ever-growing tech ecosystem aiming to raise 500 million USD (AED 1.8 Billion) from various strategic investors and partners, bringing the company one step closer to its vision of launching an app. PayBy is one of the largest fintech companies in the region, with over AED 600 million in transactions as of May 2022, and aims to build an all-in-one mobile payment ecosystem in the UAE and GCC, offering a safe and contactless payment solution. Astra Tech’s acquisition of PayBy follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.
Astra Tech (‘Astra’) is a UAE-based technology investment and development group formed by Abdallah Abu Sheikh, a pioneering serial entrepreneur in the Middle East and Africa’s (MEA) tech start-up ecosystem. Under Abu Sheikh’s leadership, the Astra Group is taking strides to become one of the largest consumer technology groups from the region by building the world’s first ultra platform and ecosystem. The platform will provide seamless connectivity between consumers and businesses, enabling users to effortlessly access home, e-commerce, and fintech services within one place, three times faster than through competing platforms. Astra’s mission is to enrich people’s lives by making communication and e-commerce more seamless, connected, and natural.