Y Combinator-backed Thndr receives first new brokerage license of Egypt in ten years for its Robinhood-like stock trading platform
Thndr, a Cairo-based investment platform that wants to make it easy for people to invest in stock, bonds, and funds, without charging them any commission, has received a brokerage license to operate in Egypt, it announced in a statement today to MENAbytes. Thndr claims that it is the first new license issued by Egypt’s Financial Regulatory Authority since 2008.
“Issuing a license to a tech company is a testament to the regulator’s strong commitment to seek modern methodologies to enhance the investment landscape in Egypt,” said the startup in a statement provided to MENAbytes.
Founded in 2019 by Uber Egypt’s former General Manager Ahmad Hammouda, Thndr is starting with a Robinhood-like mobile-first equities trading platform that enables people to invest in stocks in The Egyptian Exchange. Thndr’s mobile app has been live on Play Store and App Store for a few months but it previously only offered a virtual environment for the users to learn how to use the app. They were offered with virtual money to experience what investing in stocks would like through the app.