Thndr Secures FRA Asset Management Licenses, Building on Record 8 Billion EGP Growth in Retail Fund Investing
Cairo, Egypt – December 2025
Thndr, Egypt’s leading digital investment platform, announced today that it has obtained Asset Management and Portfolio Management licenses from the Financial Regulatory Authority (FRA). This milestone marks a significant expansion of Thndr’s ability to design and manage investment products built first and foremost for everyday individuals, rather than the institutional-first products that have traditionally dominated the market.
The licenses represent the next chapter in Thndr’s mission to make wealth-building simple, accessible, and affordable for all. Today, more than 431,000 Egyptians invest in mutual funds through Thndr, making it one of the country’s largest digital distributors of professionally managed investment products. With the new approvals, Thndr will begin creating its own suite of funds that are digital, transparent, low-cost, and tailored to real financial goals. The company plans to launch the first Thndr-managed funds in 2026.
Thndr’s movement into providing access to mutual funds four years ago was rooted in a clear insight: many people want to benefit from investing, but do not have the time or expertise to manage their portfolios day to day. Mutual funds effectively allow individuals to hand their money to a licensed, regulated expert who manages it alongside hundreds of millions – and sometimes billions – on their behalf. Since introducing access to these products, Thndr has seen exceptional growth that reflects a major shift in how Egyptians are choosing to save and invest. Mutual fund assets on the platform have reached EGP 8 billion as of November 19, 2025, up from EGP 575 million in January 2024 and EGP 1.2 billion in November 2024. Participation continues to grow across gold, fixed-income, and equity strategies, with gold funds such as AZG attracting more than 110,000 investors, while Thndr’s own fixed-income solution, Savings Clouds powered by a mutual fund, has scaled to EGP 2.46 billion. Over the past year, Thndr has also expanded its fund marketplace from 12 to 30 products, becoming one of Egypt’s most diversified platforms for everyday investors.
This momentum underscores a rising demand for simple, transparent, and professionally managed investment tools that align with real-life goals. By securing FRA asset management licenses, Thndr is now positioned to build the next generation of these products directly, and to do so with a retail-first lens that prioritizes accessibility, affordability, and ease of use.
Leading this strategic expansion is Dalia Shafik, appointed Head of Asset Management. With more than two decades of experience managing some of Egypt’s most successful funds, Shafik will oversee the development, governance, and operations of Thndr’s upcoming investment products.
“Mutual funds in Egypt have historically been built with institutions as the primary customer,” said Ahmad Hammouda, Co-founder and CEO of Thndr. “Over the past five years, we worked alongside existing asset managers to democratize access to these products digitally and give everyday people the same opportunities as institutions. Securing these licenses is the natural next step. It allows us to build funds designed for individuals from day one. Thndr is on a mission to offer the best investment experience at the lowest price to every person, and this milestone brings us one step closer to achieving that.”
“Thndr has already proven that retail investors want simple and powerful tools,” added Shafik. “Our next chapter is about designing those tools ourselves and ensuring they reflect people’s actual needs and goals.”
Thndr’s expansion into asset management builds on several years of market leadership. In 2024, the company executed 15.6 million trades worth EGP 174 billion, captured 11 percent of Egypt’s retail market share, and onboarded 82 percent of all newly coded retail investors into the Egyptian Exchange (EGX). With more than 4 million registered users, Thndr remains the country’s most inclusive digital gateway to investing.
About Thndr
Thndr is one of MENA’s first fully digital investment platforms, simplifying and democratizing investing for over 4 million users. The platform empowers investors through access to Egyptian stocks, gold, mutual funds, and savings products. Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr secured the first brokerage license issued in Egypt since 2008 and currently holds regulatory licenses from both the FRA (Egypt) and ADGM (UAE). To date, Thndr has raised a total of $37.76 million from global venture capital firms including Tiger Global, Prosus Ventures, BECO Capital, and Y Combinator. For more information, visit https://Thndr.app.
