Thndr’s USD 15.7 M Raise Is A Bet That Cairo, Not Silicon Valley, Will Build The Next Robinhood

Egyptian investment platform Thndr has secured USD 15.7 M in a fresh funding round led by Prosus Ventures, with participation from investors including BECO Capital, Y Combinator, Abdul Latif Jameel, and Onsi Sawiris.

The round, which brings the Cairo-based startup’s total funding to nearly USD 40 M (adding to its last announced USD 20 M Series A in 2022), signals growing investor confidence in a new category of fintech: digital brokerage for the retail masses in underpenetrated emerging markets.

Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr has emerged as the Middle East’s answer to Robinhood, but its path is shaped less by meme stock mania and more by first-time investors navigating complex and exclusionary financial systems.

In a region where fewer than 3% of individuals participate in capital markets, Thndr’s mission is to make investing as frictionless as using a mobile app. No account minimums, no commission fees, and an educational-first user experience have helped the startup onboard over a million users in 2024 alone, who placed more than 15 million investment orders worth EGP 170 billion (USD 3.4 B).

Beyond the numbers, this growth reflects a structural gap in MENA’s financial landscape. With most traditional brokerage firms catering to the wealthy or institutional clients, Thndr is effectively unlocking a new demographic of retail investors with modest capital, many outside Cairo and Alexandria, and a majority investing for the first time. COO Amr notes that 75% of users made their first trade with under USD 500, proof of latent demand among populations previously ignored by legacy institutions.

But growth is only part of the story. Thndr is also rewriting the revenue playbook for brokerage in emerging markets. Beyond commission-free trading, it monetises via subscription services, interest on idle balances, and revenue-sharing deals with mutual fund providers. This model, while not yet proven at scale in MENA, mirrors sustainable fintech strategies elsewhere and positions the platform as more than a one-trick trading app.

As it prepares to expand into the GCC and offer access to U.S. stocks, Thndr’s regional-first approach stands in contrast to other African investment apps like Nigeria’s Bamboo, which bet on cross-border offerings. Thndr’s methodical growth, anchored in education, local licensing, and user trust, may prove more resilient as markets mature.

The latest funding reflects the rise of homegrown fintechs bridging structural gaps in local capital markets, not just mimicking Western models. If Thndr succeeds, it could redefine what inclusive finance looks like in emerging economies.