Astra Tech now leads the UAE’s remittance industry through Botim. Botim’s fintech PayBy has witnessed an exceptional increase in remittances, processing 1.3 billion transactions and growing by 41x since its launch in January 2023. Botim has rapidly positioned itself as a financial powerhouse, equalling the capabilities of traditional banks. This transformation is underpinned by an expansion in its user base, now exceeding 150 million users, demonstrating a remarkable surge in user adoption.
Since January, the PayBy-powered Ultra app witnessed a 75% increase in the number of transactions quarter-on-quarter across its fintech offerings. The most substantial remittance corridors are from the UAE market to India, followed by Pakistan, and the Philippines. The platform recorded a 98% success rate on all processed transactions to date. Botim’s milestone is a result of its strategic acquisitions and partnerships that have been instrumental in underpinning this growth, including a recent collaboration with Fawry in Egypt and the acquisition of Y Finance in the Philippines.
To facilitate cross-border financial transactions, Botim strategically allied with MoneyGram at the start of the year to establish itself as a pivotal player in the remittance industry. Further enhancing its capabilities, Astra Tech recently partnered with Mastercard to introduce Botim-branded multi-currency prepaid cards. This initiative is part of Astratech’s ongoing mission to enable transactions for billions of users worldwide through a network of strategic partnerships and integrations.
Abdallah Abu Sheikh, Co-founder of Astra Tech and CEO of Botim, said: “In just a few months, we have already emerged as the UAE’s foremost player in remittances. Our Ultra app vision is rapidly coming to fruition, showcasing our strength and innovative fintech products. Botim has seamlessly evolved into an extensive platform, offering a wide range of financial services, including peer-to-peer transactions, international money transfers, and cards. The platform’s inclusive approach empowers individuals without traditional banking access to conduct seamless global transactions, benefiting both users and merchants.”
Astra Tech’s strategic acquisitions and innovative solutions, reaffirm the platform’s commitment to revolutionizing the remittance landscape and pioneering transformative financial services for users worldwide. In the UAE, where over five million migrants are sending $42 billion every year back to their respective home countries, this significant milestone represents a transformative leap toward a digital-first UAE economy, seamlessly combining innovation and inclusivity. As the digital landscape continues to evolve, the company remains dedicated to reshaping fintech accessibility and experiences while championing a more connected and empowered future.