Egypt startup receives first new brokerage license in the country in over a decade

Thndr, an Egypt-based startup has announced that it has received the first new brokerage license in the country in over a decade. 

Thndr recently acquired the necessary licensing from the Financial Regulatory Authority (FRA) making the fast-growing startup the first company to acquire a brokerage license in Egypt since 2008. 

Ahmad Hammouda, Co-Founder and CEO at Thndr comments on the launch of the company and receiving their brokerage license. 

“ Our vision is to put wealth in the hands of everyday individuals. With the rise of technology, and the foresight of a very supportive Financial Regulatory Authority, we can make this vision come to life — Egypt is expected to be the 7th largest economy by 2030 and has more than 100 mn people, most of which are young and are looking for a convenient and digital way to invest their money. That’s why we are excited to bring a new breed of young investors to the market.” 

Thndr 

Founded at the end of 2019. Thndr is a mobile-first investment platform with 0% commission, no account minimum, access to real-time news, market data, and easy account setup and funding processes available in Egypt. 

The first product developed by the innovative tech startup is a mobile-first equities trading platform. The startup most recently acquired the necessary licensing from the Financial Regulatory Authority (FRA) making the fast-growing startup the first company to acquire a brokerage license in Egypt since 2008. 

“Issuing a license to a tech company is a testament to the regulator’s strong commitment to seeking modern methodologies to enhance the investment landscape in Egypt.” Thndr shared in a statement. 

As a Y-Combinator backed investment platform, Thndr functions to make the process of investing in stocks, bonds, and funds easier as it is commission-free. Currently, the process of investment in Egypt has been labelled as an ”outdated and time-consuming” process by the innovative startup. 

In an official statement to Ventureburn, Thndr explains the aims of the startup. 

“Thndr aims to solve the painful, outdated, and time-consuming process to open, fund and actively manage investment accounts. We want to make it accessible and easy for everyday individuals in the region to invest and save for their future by leveraging technology to remove all barriers and friction that they face.”

The basic features and benefits of trading on Thndr include: 

• Commission-free trading and no account minimums
•  Seamless account opening and funding (all digital and mobile-first) 
• Access to educational material, the latest news, and market data 

Seif Amr, Thndr Co-Founder explains that this is just the start of the businesses’ plans to expand its service offering for customers in Egypt.

“Through Thndr, we are looking to remove all barriers and friction that users face throughout their investment journey – whether it relates to account opening, associated costs, access to resources, or ease of use. We are starting with Egyptian equities, but we intend to quickly introduce alternative investment options to suit different risk/reward and involvement preferences.” 

Funding 

Thndr has received an undisclosed amount of pre-seed funding from several distinct investors such as; Y-Combinator, 4DX Ventures, Endure Capital, The Raba Partnership, MSA Capital, along with some other notable investors that include Tom Stafford, Managing Partner, DST.

 Peter Orth, Co-founder and Managing Partner at 4DX Ventures explains the importance of the service provided by Thndr. 

 “Savings and investing is a critical part of building wealth and economic development, and Egypt’s youth needs a mobile-first platform like Thndr to open the floodgates of investing in the coming decades. Platforms like Thndr have seen great success in other markets across the world, and Thndr is built with keen attention to the local nuances and preferences of the Egyptian investor in mind. We believe that Hammouda and the rest of the team at Thndr are the ideal group to build this business in the region, and we’re very excited to partner with them in achieving their important mission.”

Thndr is currently available for download on both the App Store and Google Play. 

Read more: Egypt startup Paymob raises $3.5-million
Read more: Egyptian startup secures six-figure seed funding

Featured image: (From left to right) Ahmad Hammouda and Seif Amr, founders of Thndr