Egypt-based investment platform Thndr has raised $20m in a Series A round to expand its presence across the MENA region.
The round was co-led by Tiger Global, BECO Capital and Prosus Ventures, in addition to participation from Base Capital, firstminute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and JIMCO.
Launched in 2020, Thdnr has positioned itself as the pioneer of commission free investment in Egypt. The company said it is transforming the traditionally outdated, slow, and non-user-friendly process of opening and managing investment accounts in the region. The company said it is also making it easy to invest in stocks, bonds, and funds in the region through its mobile-based and low-commission digital stock brokerage.
The capital will go toward product development in addition to expanding its presence across MENA, Thndr said.
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% across the region, Thndr said.
What’s more, Thndr said, is the region has a population of 370 million, amassing $500bn in annual savings. Additionally, 62% of the population has smartphones and half are ages between 14 and 45, suggesting a wealth of opportunity for platforms like Thndr.
In fact, 87% Thndr’s user base are first time investors and 40% come from rural areas. The company said it is making investors out of members of the population who previously had limited equity market exposure.
Ahmad Hammouda, co-founder and CEO of Thndr, said, “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 democratising 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.”
Copyright © 2022 FinTech Global