PayBy has been acquired by Astra Tech(‘Astra’), a UAE-born technology development and investment group. This acquisition follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services. Currently raising USD 500 million in investment, the PayBy acquisition signals a major strategic move for Astra towards its ambition of creating an ‘ultra-platform’ – a revolutionary, interconnected digital ecosystem that’s expected to address the growing problem of super app fatigue. PayBy’s acquisition brings sophisticated proprietary payment technologies and financial services to Astra’s ultra-platform to enable a seamless and cashless payment solution for consumers, merchants, and businesses.
Astra plans to acquire, repurpose, and bring together already established and sector-leading leading platforms to create an ultra-platform to revolutionize how people live their lives by helping them save significant time when completing essential everyday tasks, including payments, transfers, and transactions. Additionally, Astra’s platform aims to deliver better value to the suppliers and partners of personal and home services by removing the burden of unfavorable commission structures.