Egyptian fintech startup Thndr expands into UAE
Egyptian digital investment platform Thndr has expanded its services to the United Arab Emirates (UAE) after acquiring a Category 3A license with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
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 has now announced its market entry into the UAE following the acquisition of a Category 3A license with retail endorsement from the ADGM FSRA. Thndr will initially provide direct access to US-listed securities, including stocks, exchange traded funds (ETFs), and fractional shares.
“We at Thndr are thrilled to announce our official entry into the UAE market. We’d like to express our sincere gratitude to the FSRA for their openness and for welcoming Thndr to the UAE’s dynamic financial landscape,” said Salah Kaddoura, UAE general manager at Thndr.
