Thndr Secures FRA Approval to Manage Its Own Investment Funds

Thndr, a Cairo-based digital investment platform, has secured asset management and portfolio management licences from Egypt’s Financial Regulatory Authority. The approvals allow the company to begin designing and managing its own investment funds, with the first launches expected in 2026.

The move follows a period of rapid growth in mutual fund investing on the platform. As of November 19th, 2025, assets invested through Thndr’s mutual fund offering reached LE 8 billion, up from LE 575 million in January 2024 and LE 1.2 billion a year later. More than 431,000 users now invest in funds via the app.

Thndr entered the mutual funds space four years ago as a distributor, positioning funds as a practical option for individuals who want exposure to markets without managing portfolios themselves. Since then, participation has grown across gold, fixed-income and equity strategies. Gold funds on the platform, including AZG, now count over 110,000 investors, while Thndr’s fixed-income savings product has scaled to EGP 2.46 billion. Over the past year, the platform has also expanded its fund marketplace from 12 to 30 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."

The newly granted licences allow Thndr to move from distribution into product creation, giving it control over fund design, pricing and structure. The company has appointed Dalia Shafik, a veteran asset manager with more than two decades of experience in the Egyptian market, to lead the new division and oversee governance and operations.

With more that four million registered users, this expansion builds on Thndr’s broader market presence. In 2024, the platform executed 15.6 million trades worth LE 174 billion, captured 11 per cent of Egypt’s retail trading activity, and accounted for 82 per cent of newly coded retail investors on the Egyptian Exchange.