Astra Tech, tech development and investment group, acquired PayBy, FinTech company. PayBy’s acquisition brings 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 Tech recently acquired Rizek, a super platform for on-demand personal and home services. This is part of Astra’s 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.
“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,” Abdallah Abu Sheikh, Founder and CEO, said.
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.
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