UAE Tech investment and development group, Astra Tech has acquired UAE PayBy, an innovative FinTech firm which is currently raising 500 million USD. . Prior to this Astra Tech has also acquired Rizek, a platform for on demand personal and home services.
Astra Tech aims with PayBy to create 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.
Over the past two years PayBy has grown considerably with more than 2 million users and thousands of active merchants. As of May 2022, over AED 600 million worth of transactions were carried out.
Commenting on the acquisition Astra Founder and CEO, Abdallah Abu Sheikh said, “PayBy has been instrumental in pioneering financial inclusion in the UAE and is considered a key player in the cashless ecosystem. As we integrate PayBy’s technologies, solutions and teams into Astra’s ultra-platform, our speed and ability to supercharge our services with industry-leading payments and money transfer solutions have accelerated immensely.”
Abdallah Abu Sheikh added, “With this acquisition, we’re getting closer than ever to realizing our vision and are excited to have the PayBy team join us. The integration of PayBy’s products with Astra’s ultra-platform will allow us to synthesize and grow the ecosystem at a breakneck speed. It will also help in delivering a compelling user experience and a sustainable commission structure for our merchants and businesses, something that a lot of super apps of today struggle with.”
