Astra Tech Co-Founder Exits Company, Sells Stake

Abdallah Abu Sheikh, the co-founder and Chief Executive Officer (CEO) of UAE-based fintech Astra Tech, is exiting the company, selling his stake to existing shareholders to G42.

Although Astra Tech was founded in 2022, the company has rapidly grown into a super-app with acquisitions like PayBy, Rizek, and Botim, now serving over 150 million users across 155 countries.

In December 2022, G42 led Astra Tech’s $500 million funding round, supporting its expansion.

The Chief Technology Officer (CTO) and co-founder, Long Ruan has stepped in as interim CEO.

Announcing the exit on his LinkedIn page, Abu Sheik wrote, “With pride and bittersweet emotion, I announce my decision to step down from my role as CEO of Astra Tech.

“Having founded this incredible company less than three years back, I think it is now where I have done my 0-1, and it’s time for the operators to take it from 1 to 100.

“I am incredibly proud and thankful to every team member, partner, shareholder, and supporter. You’ve made it this far at light speed.

“I will take the next few months to reflect before I return to building from the ground up again. I can’t wait to see what Astra does next.

“I will always be watching from the sidelines and cheering for the Astranauts.”

Abu Sheikh’s next venture remains undisclosed.