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.
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
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Results
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IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m
Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2pm Handicap (TB) 68,000 (D) 1,950m
Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer
2.30pm Maiden (TB) Dh60,000 (D) 1,600m
Winner Mazagran, Tadhg O’Shea, Satish Seemar
3pm Handicap (TB) Dh84,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
3.30pm Handicap (TB) Dh76,000 (D) 1,400m
Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly
4pm Maiden (TB) Dh60,000 (D) 1,200m
Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer
4.30pm Handicap (TB) Dh68,000 (D) 1,200m
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).
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
BLACK%20ADAM
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
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
