Egypt-based digital investment platform targets younger generation of investors
After raising US$ 20-million in February this year, Egypt-based digital investment platform Thndr is looking to attract more subscribers - especially amongst the country’s youth - and build on its current subscription base of 500,000 users.
Seif Amr, Co-founder and COO at Thndr, said, “As opposed to previous years, when the average Egyptian investor was (aged) around 40; with our digital mobile-first format we see a growing interest from the younger generation - which represents the region's biggest age bracket. Currently, the average age of Thndr users is 29.”
Amr added that the younger generation is accustomed to receiving goods and services through online platforms and this should be the case for investment in Africa.
Thndr pointed to the GSMA’s State of the Industry Report on Mobile Money 2022, which states that the prevalence of mobile money services in Africa has increased the roll out of savings and investment products.
An excerpt from the report reads: “In various African countries where mobile-enabled savings had been offered, there is evidence that savings account balances, and the use of multiple savings products, has progressively increased.”
Amr added: “Our thesis is that for something to pick up it needs to be relevant. At a time when everyday individuals are used to seamlessly ordering transportation, purchases and groceries online and within minutes, the expectation is for everything to follow suit - and this experience is typically widely adopted by younger individuals. Moreover, we've been seeing that younger folks are more likely to try new things.”
Thndr said that new investors account for 87% of its current subscriber base.
Amr continued: “We don’t currently use any buzzword technologies, most of the challenges we’re solving revolve around building and connecting systems for our users to gain access to any investment opportunity. We’re big on education so watch out for gamification intended to guide users towards having healthy financial foundations.”
Thndr has developed several tools in-house, including a queuer tool to facilitate document and account opening approvals and rejections; as well as a translation tool to easily add new languages/dialects as the service expands.