Egyptian investment platform Thndr has expanded its product offering after receiving a licence that allows it to facilitate users in trading in mutual funds.
Launched last year after it took part in the Silicon Valley-based Y Combinator accelerator, Thndr initially offered users a commission-free, mobile first equities trading platform that makes it easy to invest in stocks, bonds, and funds.
The startup, which last year became the first company to receive a brokerage license in Egypt since 2008, has now added its second product, partnering with the fully licensed Azimut Egypt, the local investment arm of Azimut Group, one of Europe’s leading independent asset managers, to offer a new Egypt-focused fixed income mutual fund – AZ-Savings.
AZ Savings will be the first mutual fund on the Thndr app. It is an open-ended private placement fund investing mostly in near-term fixed income instruments, and is considered a low-risk, liquid investment instrument. Users can invest in the fund daily and redeem weekly.
“At Thndr we believe that everyone should have access to financial services and products that can make your money work for you. All taking you a bit closer to the ultimate goal of financial freedom. That’s why we’re excited to introduce our second investment product – Mutual Funds,” said Ahmad Hammouda, co-founder and chief executive officer (CEO) of Thndr.