EGYPT – Thndr, an Egypt based startup, is now poised to formally launch operation after securing the first new brokerage license granted in the country in over a decade.
The startup closed its pre-seed round last December, with investors including Y-Combinator, 4DX Ventures, Endure Capital, The Raba Partnership, and MSA Capital.
The startup has just acquired the necessary licensing from the Financial Regulatory Authority (FRA), making it the first company to acquire a brokerage license in Egypt since 2008.
“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,” said Hammouda.
Hammouda explained that Egypt, with a population of more than 100 million people, is expected to be the seventh largest economy by 2030.
He noted that the startup was particularly excited to introduce its tech product to Egypt because a majority of Egypt’s 100 million people are young and are looking for a convenient and digital way to invest their money.
Co-founder Seif Amr said Thndr was 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,” he said.
Thndr, a participant in the most recent Y Combinator accelerator was co-founded by former Uber Egypt general manager Ahmad Hammouda.
The startup has developed an investment platform that makes it easy to invest in stocks, bonds, and funds, completely commission free.
Thndr claims to solve Egypt and the region’s outdated and time-consuming processes when it comes to opening, funding and managing investment accounts.
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