Egypt-based fintech startup Thndr has announced that it will allow users to start trading in mutual funds in its platform, media reports said. In order to do so, Thndr has partnered with Azimut Egypt, the local investment art of Azimut Group.
In this regard, Ahmad Hammouda, co-founder and chief executive officer at Thndr, told the media, “At Thndr we believe that everyone should have access to financial services and products that can make your money work for you. All taking you a bit closer to the ultimate goal of financial freedom. That’s why we’re excited to introduce our second investment product—Mutual Funds.”
Called AZ Savings, it will be available on the Thndr app and is an open-ended private placement fund. The fund is for investments that are mostly in near-term fixed income instruments. It is reported that the investment is considered a low-risk and liquid investment instrument and enables users to invest in the fund daily and redeem from it weekly.
Last year, Thndr also became the first Egyptian company to receive a brokerage licence from Egypt’s Financial Regulatory Authority since 2008. Established in 2020, Thndr participated in the Silicon Valley-based Y Combinator accelerator.
Back then, Ahmad Hammouda told the media, “Our vision is to put wealth in the hands of everyday individuals. With the rise of technology, and the foresight of a very supportive Financial Regulatory Authority, we can make this vision come to life — Egypt is expected to be the 7th largest economy by 2030 and has more than 100 million people, most of which are young and are looking for a convenient and digital way to invest their money. That’s why we are excited to bring a new breed of young investors to the market.”