Thndr, an Egyptian-based digital investment platform designed to simplify investing, has announced the raising of $15.7 million in its latest funding round, bringing the total capital raised by Fintech to $37.76 million.
Prosus, a global investment group, led the round, which was supported by Y Combinator, BECO Capital, Endeavor Catalyst, JIMCO, Raba, and Onsi Sawiris.
Thndr disclosed that the funding raised will be used to support its regional expansion into the UAE and Saudi Arabia. The platform is currently focused on deepening its operational presence in the UAE while simultaneously laying the groundwork for entry into Saudi Arabia.
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Head of Investments, Europe at Prosus, Sandeep Bakshi, noted that Thndr had been transforming access to investing across MENA by empowering first-time investors with the tools and confidence to participate in the financial system. He explained that the platforms’ rapid growth, particularly among young and underserved populations, is a testament to both its leadership strength and broader mission to build a product that resonates deeply with a new generation, which is becoming increasingly important.
“Hammouda and the Thndr team have demonstrated incredible execution over the past few years, and we are thrilled to be doubling down on our investment in the company. As early backers, we’re thrilled to support Thndr as they scale into Saudi Arabia and beyond.” Sandeep Bakshi added.
Ahmad Hammouda, CEO and co-founder of Thndr emphasizing the company’s ambitious vision said,
“Our mission is to provide access to local, regional, and international investment products through one wallet and one account making investing as seamless and inclusive as possible. With only 2% of individuals in MENA investing, we believe the time is now to build the region’s leading investment-first money app.”
Founded in 2020 by Ahmad Hammouda (CEO) and Seif Amr (COO), Thndr is a digital investment platform that allows users to invest in stocks, bonds, and funds in the Middle East through its mobile-based and low-commission digital stock brokerage.
The idea of a modern and seamless investment solution was fueled by its founders’ personal struggles trying to open up an investment account and working on the sale of an investment bank back in 2016. Their vision was to transform the way investing looked in the region, leveraging technology to affect change and work towards a more modern and inclusive system that works for everyone.
Currently, Thndr facilitates access to the right tools and resources that can empower investors with the means to achieve financial freedom.
The platform is keen on empowering its users to make financial decisions that make sense and are a good fit for them. In line with this, it rolled out;
• Thndr Learn – an educational platform that teaches users everything they need to know about money.
• Thndr Claps – an easy-to-digest financial newsletter delivered to their inbox daily.
• Virtual Mode – A simulation of the real market for users to practice their investing skills risk-free.
In June 2023, the company achieved a remarkable achievement, surpassing 2 million app downloads. In the same year, it achieved remarkable milestones, solidifying its position as a leader in the industry. With a trading volume of $1.8 billion and an 800% growth compared to the previous year.
Fast forward to 2024, Thndr announced its inclusion in Forbes Middle East’s prestigious Fintech 50 list for 2024. Following its renowned success in Egypt, as the no 1 investment platform, it announced its market entry into the United Arab Emirates (UAE) in May 2024.
Thndr Securities Brokerage in Egypt is regulated by Egypt’s Financial Regulatory Authority, and Thndr Financial Ltd is regulated by ADGM’s Financial Services Regulatory Authority. The company is backed by prominent global investors including Prosus, Tiger Global,
BECO Capital, and others.
The company which prides itself as the number one investment platform in Egypt by number of trades, is on a mission to democratize investing in the MENA region.