Thndr, an Egyptian fintech startup specializing in digital investments, has successfully extended its operations to the United Arab Emirates (UAE) by securing a Category 3A license with a retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
Founded in 2020 by entrepreneurs Ahmad Hammouda and Seif Amr, Thndr emerged from the prestigious Y Combinator accelerator program in Silicon Valley. The platform was designed to provide a user-friendly, commission-free mobile application for trading equities, enabling users to effortlessly invest in stocks, bonds, and funds.
Marking a significant milestone, Thndr became the first entity to be granted a brokerage license in Egypt since 2008. Building on this achievement, the company later introduced a new feature that allowed users to engage in mutual fund trading. Following these developments, Thndr secured a substantial $20 million in funding in February 2022, earmarked for expansion across the Middle East and North Africa (MENA) region.
The company’s latest venture into the UAE market comes after obtaining the necessary licensing from the ADGM FSRA. Initially, Thndr plans to offer its clientele direct access to securities listed in the United States, including stocks, exchange-traded funds (ETFs), and the option to purchase fractional shares.
Salah Kaddoura, the UAE general manager for Thndr, expressed excitement over the company’s UAE launch. He extended heartfelt thanks to the FSRA for their progressive approach and for integrating Thndr into the vibrant financial ecosystem of the UAE.
