The United Arab Emirates (UAE) has welcomed Thndr, the mobile-first investment platform in the MENA region, into its market following its notable success as the top investment platform in Egypt. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted a Category 3A license with retail endorsement, enabling this momentous step. With no minimum investment requirements, Thndr will initially offer direct access to US-listed securities, such as stocks, ETFs, and fractional shares. As they establish themselves in the market, they intend to introduce an even greater range of investment products. The Thndr product, which has demonstrated its viability in the Egyptian market, is expanding significantly with this.
A compelling example of Thndr’s capabilities is its success in Egypt. As of April 2024, Thndr accounted for 8.5% of all retail transactions in the market. In 2023, Egyptians traded an impressive $1.8 billion on Thndr. With 500,000 monthly active users and over 3 million downloads, the platform has helped a considerable number of new Egyptian stock market investors. The launch of Thndr into the UAE market will allow the company to provide investors with a wide range of products, effectively making it a one-stop shop for investing.
Thndr is positioned strategically to replicate this strategy in the UAE, building on its success in opening up investment access for the Egyptian market. Thndr’s partnership with Hub71, Abu Dhabi’s international tech community, enhances this expansion even more. Through Thndr’s smooth integration into the UAE market, Hub71’s wide network of well-known investors, national champions, and established corporations serves as a springboard for Thndr’s growth and has the potential to upend the conventional investment landscape.
Thndr’s goal since the beginning has been to remove obstacles to getting into the investing industry. It enables people, regardless of their financial background, to take charge of their financial futures by providing an easy-to-use app, educational materials, and a wide range of investment options.
“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 democratized investing to all Egyptians, illustrated by the fact that 87% of our users are first time investors, and can’t wait for what we have in store for the UAE.”
“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.
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.”
