Cairo – Mubasher: MENA region's mobile-first investment platform Thndr expanded its services to the UAE after acquiring a Category 3A licence with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
This move will enable the company to offer investors a one-stop-shop for investing, with its array of products, according to a press release.
Thndr's affiliation with Hub71 will provide the app with a launchpad to seamlessly integrate into the UAE market, boosting its growth and disrupting the traditional investment landscape.
Egypt-based fintech will initially secure direct access to US-listed securities, including stocks, Exchange Traded Funds (ETFs), and fractional shares, with no minimum investment requirements. It also aims to launch a wider array of investment products as they establish themselves in the region.
In 2023, Egyptians traded $1.80 billion on Thndr, and as of April 2024, the platform accounted for 8.50% of all retail transactions in the market.
It currently boasts more than 3 million downloads, with 500,000 active monthly users, and has facilitated a significant portion of new stock market investors in the Arab Republic.
Salah Kaddoura, UAE General Manager at Thndr, said: “Four pillars have made our model resonate in Egypt, and I'm excited to see us replicate that local success in the UAE.”
“First off, the creation of an investment superstore, offering a variety of investment options based on individual needs. Secondly, our belief and commitment to our local regulator helped us stay ahead,” Kaddoura elaborated.
He added: “Thirdly, the challenge we took on was to demystify investing through content, making it approachable for all. Finally and most importantly, we were user-first in how we designed our product, making it easy to use and tailored to the needs of everyday young investors.”
Peter Abou Hachem, Head of Growth and Strategy at Hub71, commented: "Thndr has demonstrated a proven track record of success in Egypt and now we are poised to act as their launchpad for the next phase of their journey from Abu Dhabi."
