Thndr, the Egyptian digital investment platform has announced a new $20 million series A investment round.
The funding was co-led by Tiger Global, BECO Capital and Prosus Ventures. Base Capital, firstminute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and JIMCO also participated in the round.
The new funding will go towards product development and to expand Thndr’s presence across MENA region. Thndr has grown assets under custody rapidly – 29x during 2021 – and monthly traded values up are by similar levels. Thndr also accounted for 36% of all new registrations in the local Egyptian exchanges during 2021.
”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 democratizing investing for everybody in the region. 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.” Ahmad Hammouda, Co-founder and CEO of Thndr said.
Launched in late 2020 by Ahmad Hammouda and Seif Amr, Thndr is filling this gap by transforming the traditionally outdated, slow, and non-user-friendly process of opening and managing investment accounts in the region. The company is making it easy to invest in stocks, bonds, and funds in the region through its mobile-based and low-commission digital stock brokerage.
Compared to the US and Europe, MENA countries are significantly underserved when it comes to investment platforms and current investor penetration is less than 3 percent across the region. MENA’s market fundamentals are compelling: The region’s population of 370 million amasses $500 billion in annual savings; 62 percent have smartphones; and half the population is aged between 14-45 years old. Platforms like Thndr are creating investors out of members of the population who previously had limited equity market exposure.