Ahmad Hammouda, while working at one of the largest investment banks in Egypt, noticed how the stock market was largely inaccessible to all except the wealthy.
Inspired by zero-commission trading app Robinhood’s mission to demystify and democratise investing, he conceived the idea for a digital investment platform in 2016.
“However, I realised I needed more tech experience to bring this vision to life, which led me to join Uber,” Mr Hammouda says.
At Uber, he met his colleague Seif Amr, who faced significant hurdles while trying to open an investment account. He had to visit a branch and was told he did not meet the minimum account requirements. This experience highlighted the financial industry's barriers to investing.
After working together at Uber in Egypt for a few years, Mr Hammouda and Mr Amr decided to take the leap of faith and start Thndr to democratise investing in Egypt.
Retail investors are increasingly seeking access to markets with the help of technology, leading to a surge in popularity for zero-commission trading apps such as Robinhood and eToro.
Demand for trading apps soared during the coronavirus pandemic, as monetary easing by the US Federal Reserve and other central banks gave novice day traders more money to invest during lockdowns, according to a report by Finra Investor Education Foundation, based in the US, and the National Opinion Research Centre at the University of Chicago.
However, only about 5 per cent of the Middle East and North Africa's population participates in the stock market, compared with 58 per cent in the US and 33 per cent in the UK, according to data from neo-broker amana.
Founded in 2019, after being part of the Silicon Valley-based Y Combinator accelerator, Thndr was launched in Egypt and offered users a mobile-first investment platform that makes investing in stocks, bonds and funds simple.
Thndr obtained the first broker's licence issued in Egypt by the Financial Regulatory Authority since 2008 and launched the country's first digital broker.
“We focused on three pain points when building Thndr. The first was a tedious and complicated account opening process or access to investment platforms: this involved physically going to branches, a long process to get started and coded into the stock market and high requirements for monetary entry,” says Mr Hammouda, co-founder and chief executive.
“Our solution was being able to build the easiest way to invest in the Middle East and North Africa. Within Thndr, we are looking to remove all obstacles users face throughout their investment journey, whether relating to account opening, associated costs, access to resources or ease of use.”
Everyone can open an investment account with Thndr free of charge without having to visit a bank branch or wait for the account opening process to be completed.
In addition, there is no requirement for a minimum account balance, so everyone can start investing with any amount.
The second pain point was the lack of education and access to resources, news and financial literacy content.
“We decided we weren’t waiting for investors to come to us, we were going to create them. With a focus on financial literacy, we equip investors with the knowledge to make self-directed investment decisions,” according to Mr Hammouda.
Recognising that its users are not as financially literate as those in developed countries, the platform offers articles about the latest stock market news to help increase awareness of current events.
It also provides simulators, videos, workshops, podcasts and daily newsletters on investment. This acts as a starter guide for people with no background in investment, giving them a “wholesome overview” of what they need before starting to invest.
The start-up also recently launched an Egyptian advisory platform called Rumble to help investors become better informed in their decision-making.
In Egypt, 85 per cent of Thndr investors are first-time users of the platform, while 54 per cent come from outside the capital, where access to financial institutions is limited.
“The third issue was that we believe in diversifying and investment products are too scattered; we wanted to ensure access to all investment products,” Mr Hammouda says.
“On the Thndr app in Egypt, we have mutual funds, stocks, gold and savings products. We are building an investment supermarket for Mena consumers to access different types of investment products.”
In May, the company received a Category 3A licence from the Abu Dhabi Global Market’s Financial Services Regulatory Authority to deal in investments as an agent.
The app can be downloaded from Apple's App Store and Google Play.
“We consider ourselves in a learning phase. We have started onboarding users and will use the next quarter to better learn the demographic, what the UAE’s investors need and how they behave when it comes to investing,” the co-founder says.
“What we plan to build in the UAE is follow our success in Egypt in being the leaders of financial education, empowering users with the tools and know-how instead of just the platform to use.”
Thndr is affiliated with Hub71, Abu Dhabi's tech ecosystem, which provides the start-up with a foothold in the UAE market.
The investment marketplace currently offers full access to the US stock market and exchange-traded funds. However, it plans to include more local products.
With a focus on financial literacy, we equip investors with the knowledge to make self-directed investment decisions
Ahmad Hammouda,
co-founder and chief executive, Thndr
“Our short-term plan is to provide more accessibility to the local stock market and other local financial products, which will help set us apart,” Mr Hammouda says.
“We’re building first and foremost for an Arabic-speaking population, so being local in our approach is key to our success.”
Additionally, Thndr plans to launch in Saudi Arabia by the end of the year after it obtains the necessary licensing.
The company is building investment products for a mobile-first generation, one that faces harder financial struggles than past generations, the co-founder explains.
“We are focused on targeting UAE/GCC individuals aged 25 to 40, particularly young adults who have entered the workforce and have more triggers to invest,” he says.
“Our vision is to put wealth in the hands of everyday people and attract a new generation of young investors to the market by removing all challenges and friction that users encounter throughout their investment journey.”
Thndr does not charge customers an annual fee for its services. It has several revenue streams, such as a subscription model in Egypt, which will launch in the UAE.
Moreover, the company’s relationships with fund managers who add their investment products to Thndr allow for an additional revenue stream.
The platform also takes a commission on investments from users but claims it is one of the lowest in the market.
Thndr has raised more than $22 million in funding from global venture capital companies such as Tiger Global, Beco Capital and Prosus Ventures among others.
“Operating in Egypt, navigating the regulatory framework is a key issue we’re tackling bit-by-bit on a daily basis. The regulator has been very open-minded and supportive since the company launched,” Mr Hammouda says.
“Changing people’s mindset and approach towards investing, that investing isn’t only for people of a certain age or educational background has been a major challenge in the region. We are on a mission to change culture and ingrain financial literacy into the daily lives of individuals.”
The situation in the UAE, where numerous investment platforms offer similar services, can be overwhelming for potential investors, he believes.
With so many options, it can be difficult to choose a reputable platform and determine which investment is right for them, he adds.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Q&A with Ahmad Hammouda, co-founder and chief executive of Thndr
What successful start-up do you wish you had started?
I haven't thought about that before but to be honest, I would do a start-up in the gaming industry.
What new skills have you learnt in the process of launching your start-up?
I learnt from my co-founder Seif about solving problems for sustainability – even if it hurts in the short term.
Building a company based on sustainability at its core is what helps us grow steadily but surely.
If you could start all over again, what would you do differently?
I would have done it the same way. I believe in learning from my mistakes, and whether it’s good or bad, I know it’s what helped us get here today.
I have been enjoying every step in this journey, including the mistakes we made, and I truly look forward to discovering what path this journey will take us to.
Who is your role model?
My parents – the biggest learning I got from them was how invested they were in my education.
I feel I’ve taken that value and made it a huge part of what makes Thndr standout as a platform that creates investors.
Where do you see yourself after 10 years?
Still working at Thndr, with 10 years of amazing growth achieved. I might not still be chief executive, but I think I’ll continue to play a role in the company.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
The five pillars of Islam
If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
BlacKkKlansman
Director: Spike Lee
Starring: John David Washington; Adam Driver
Five stars
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
PREMIER LEAGUE TABLE
1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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5 West Ham 26 12 6 8 45 34 42
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6 Arsenal 23 13 3 7 36 26 42
7 Wolves 24 12 4 8 23 18 40
8 Tottenham 23 12 4 8 31 31 39
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
RoboCop%3A%20Rogue%20City
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETeyon%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ENacon%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20Xbox%20Series%20X%2FS%20and%20PC%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
HOW TO WATCH
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Twitter: @thenationalnews
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TikTok: @thenationalnews
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
