Thndr, the MENA-based investment platform, is expanding its services to the United Arab Emirates (UAE), after acquiring a Category 3A license with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
Initially, Thndr has plans 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 it establishes itself in the region.
The news comes following a period of significant success in the Egyptian market. Egyptians traded an impressive $1.8billion on Thndr in 2023 and, as of April 2024, Thndr accounted for 8.5 per cent of all retail transactions in the market.
Thndr currently boasts over three million downloads, with 500,000 active monthly users, and has facilitated a significant portion of new stock market investors in Egypt. Following the investment platform’s entrance into the UAE market, it will offer investors in the region a one-stop-shop for investing.
Its expansion into the UAE is also supported by Thndr’s affiliation with Hub71, Abu Dhabi’s 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.
Peter Abou Hachem, head of growth and strategy at Hub71, commented: “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.”
Democratising investing
Salah Kaddoura, UAE general manager at Thndr, discussed the platform’s success in Egypt: “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. 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. I take pride in seeing how our commitment to these principles has democratised investing to all Egyptians, illustrated by the fact that 87 per cent of our users are first time investors, and can’t wait for what we have in store for the UAE.”
Kaddoura also broke down the importance of entry into the UAE market for Thndr: “This exciting development is a direct result of the incredible support we’ve received from the Abu Dhabi Global Market (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.”
Since its inception, Thndr has looked to break down barriers to entry in the investment world. By offering a user-friendly app, educational resources, and a diverse investment selection it aims to empower individuals, regardless of their financial background, to take control of their financial futures.
