Digital investment platform thndr has raised US$20 million in Series A funding which it will use to support its MENA expansion plans and product development pipeline.
The round was co-led by BECO Capital, Tiger Global and Prosus Ventures.
Dubbed the ‘Robinhood for Egypt and the Middle East’, thndr was launched in 2020 by Ahmad Hammouda and Seif Amr. The Egyptian Financial Regulatory Authority issued the start-up a brokerage license that year and it also joined the summer 2020 cohort of Y Combinator, a US technology accelerator program.
Currently, thndr is serving the Egyptian market, allowing retail investors to invest in the domestic stock market and mutual funds. In February last year, it partnered with Azimut Egypt Asset Management to launch a fixed income mutual fund, AZ Savings, which invests in Sukuk, corporate bonds, treasury bills and treasury bonds.