The latest funding 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.
Thndr has grown assets under custody rapidly, 29x during 2021, and monthly traded values up are by similar levels.
The platform has also accounted for 36% of all new registrations in the local Egyptian exchanges during 2021.
The majority of the platform’s user base (87 percent) are first-time investors and 40 percent of users come from rural areas.
”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,” said Ahmad Hammouda, Co-founder and CEO of Thndr.
The company is making it easy to invest in stocks, bonds, and funds in the region through its mobile-based and low-commission digital stock brokerage.
Thndr is filling this gap by transforming the traditionally outdated, slow, and non-user-friendly process of opening and managing investment accounts in the region.
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 percent across the region.
“The market is lacking a low cost, easy to use platform for investing and saving, and we believe Thndr will deliver best-in-class customer experience as the platform scales,” said Alex Cook, Partner at Tiger Global
The region’s population of 370 million amasses US$500 billion in annual savings, 62 percent have smartphones, and half the population is aged between 14-45 years old.
Platforms like Thndr are creating investors out of members of the population who previously had limited equity market exposure.
The support from leading global investors is a significant endorsement to Thndr strategy and the very clear market opportunity in the region.