Egypt-based fintech Thndr has expanded its services to the UAE after acquiring a Category 3A license with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
This expansion will allow Thndr to provide direct access to US-listed securities, including stocks, Exchange Traded Funds (ETFs) and fractional shares, with no minimum investment requirements and plans on introducing an even wider array of investment products as they establish themselves in the region. This marks a significant expansion for the Thndr product, which has proven its success in the Egyptian market.
“We at Thndr are thrilled to announce our official entry into the UAE market. This exciting development is a direct result of the incredible support we’ve received from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). Their guidance and efficient licensing process have been instrumental in making this a reality. We’d like to express our sincere gratitude to the FSRA for their openness and for welcoming Thndr to the UAE’s dynamic financial landscape.“ Salah Kaddoura, UAE General Manager at Thndr, said.
In 2023, and as of April 2024,Egyptians traded an impressive $1.8 billion on Thndr accounted for 8.5% of all retail transactions in the market.
The platform currently boasts over 3 million downloads, with 500,000 active monthly users, and has facilitated a significant portion of new stock market investors in Egypt.
Thndr’s entrance into the UAE market will now enable the company to offer investors a one-stop-shop for investing, with its array of products.
Leveraging its success in opening up investment access for the Egyptian market, Thndr is strategically poised to replicate this approach in the UAE.
This expansion is further amplified by Thndr’s affiliation with Hub71, Abu Dhabi’s global tech ecosystem. Hub71’s extensive network of established corporations, national champions, and prominent investors provides Thndr with a launchpad to seamlessly integrate into the UAE market, facilitating their growth and potentially disrupting the traditional investment landscape.
Since its inception, Thndr has been on a mission to break down barriers to entry in the investment world. By offering a user-friendly app, educational resources, and a diverse investment selection, it empowers individuals, regardless of their financial background, to take control of their financial futures.
Peter Abou Hachem, Head of Growth and Strategy at Hub71, said: “Once again, startups like Thndr show that Hub71 is a community where the world’s fastest-growing startups can succeed from within Abu Dhabi’s thriving FinTech scene. Our commitment to building a global tech ecosystem is based on empowering startup growth that makes a positive impact on the economy and society. 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.”