In addition to providing US stocks, Thndr plans to use this funding round to introduce other foreign assets from local exchanges in the MENA region and is seeking to acquire a licence with one of the GCC’s regulatory bodies, following up on the brokerage licence it received in Egypt in 2020.
Investors in Thndr’s Series A round include Base Capital, firstminute, and existing investors Endure Capital, 4DX Ventures, Raba Partnerships, and JIMCO.
In developed markets such as the US and Europe, up to half of the population invests in financial instruments. However, people in developing markets such as North Africa and the Middle East are underserved, with less than 3% actively investing in financial assets across the region.
Thndr, launched in late 2020, is filling the gap by making it easier to open and manage investment accounts, consequently replacing traditionally slow and outdated processes by incumbents.
Thndr’s strategy is based on four pillars. The first is taking into cognisance that its users are not as financially literate as those in developed countries and educating them with simulators, articles, videos, webinars, podcasts, and daily newsletters. The second is building a relevant and intuitive app; the third is making it easy to open an account online without visiting a branch. The last is a concept of an investment supermarket to meet the needs of different investors.
Thndr has raised a total of USD 22 million in funding to date. The Series A investment will go toward product development and expanding its presence across MENA.
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