Egyptian investment platform Thndr has raised US$15.7 million in funding to support its regional expansion, with the United Arab Emirates (UAE) and Saudi Arabia key focus markets.
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, before securing a US$20 million funding round for MENA region expansion in February 2022. It announced its market entry into the UAE in June of last year.
Further expansion is now planned after Thndr raised a US$15.7 million funding round led by Prosus, with support from Y Combinator, BECO Capital, Endeavor Catalyst, JIMCO, Raba, and Onsi Sawiris.
The funding, which brings Thndr’s total capital raised to date to US$37.76 million, will be deployed to support the startup’s regional expansion, with the UAE and Saudi Arabia priority markets. Thndr is currently focused on deepening its operational presence in the UAE while simultaneously laying the groundwork for entry into Saudi Arabia.
“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,” said Hammouda. “With only two per cent of individuals in MENA investing, we believe the time is now to build the region’s leading investment-first money app – a platform that helps people build wealth, make confident decisions, and live life on their own terms.”
Sandeep Bakshi, head of investments for Europe at Prosus, said the Thndr team had demonstrated “incredible execution”.
“We are thrilled to be doubling down on our investment in the company. Thndr is transforming access to investing across MENA by empowering first-time investors with the tools and confidence to participate in the financial system – building a product that resonates deeply with a new generation and is becoming increasingly important,” he said. “Their rapid growth, particularly among young and underserved populations, underscores both the strength of their leadership and the company’s broader mission. As early backers, we’re thrilled to support Thndr as they scale into Saudi Arabia and beyond.”
