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Egyptian digital investment start-up Thndr has raised $20 million in Series A funding for product development and expansion across the Middle East and North Africa (MENA).
The funding round was co-led by Tiger Global, BECO Capital and Prosus Ventures with Base Capital and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and JIMCO.
The company, which refers to itself as an ‘investment supermarket’ is a digital investment platform for stocks, bonds and funds in the region on a mobile-based brokerage launched in late 2020.
Ahmad Hammouda, Co-Founder and CEO of Thndr, said: “The support from leading global investors is a significant endorsement to our strategy and the very clear market opportunity in the region.”
It said its assets had grown by 29 times during 2021 and that it accounted for 36 percent of all new registrations in Egyptian exchanges during the year.
According to Thndr, the region’s population of 370 million amasses $500 billion in annual savings, 62 percent have smartphones and half the population is aged 14 and 45, adding that 87 percent of its users are first time investors, with 40 percent from rural areas.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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