Egyptian digital investment platform Thndr has raised a US$20 million Series A funding round to assist it with product development and expansion across the MENA region.
Launched in 2020 by Ahmad Hammouda and Seif Amr 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 in 2020 became the first company to receive a brokerage license in Egypt since 2008, then launched an additional product that allows users to trade in mutual funds. Thndr has grown assets under custody rapidly – 29x during 2021 – and monthly traded values up are by similar levels. The startup also accounted for 36 per cent of all new registrations in the local Egyptian exchanges during 2021.
The US$20 million Series A round was co-led by Tiger Global, BECO Capital and Prosus Ventures, with participation from Base Capital, firstminute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and JIMCO. Thndr will use it for product development and to expand its presence across MENA.
“We are building an investment supermarket for MENA consumers to access relevant investment products. With a focus on financial literacy, we equip investors with the knowledge to make self-directed investment decisions. We pride ourselves in being agents of change in the investment sector, and staying true to our mission of democratising investing for everybody in the region,” Hammouda said.
“The support from leading global investors is a significant endorsement to our strategy and the very clear market opportunity in the region. We’re thrilled to announce this new funding to continue pioneering wealthtech in the region.”
Alex Cook, partner at Tiger Global, said he was excited to support the Thndr team as it made investing more accessible in Egypt and the MENA region.
“The market is lacking a low cost, easy to use platform for investing and saving, and we believe Thndr will deliver best-in-class customer experience as the platform scales,” he said.