Munify, a Cairo-based fintech startup offering cross-border banking services to Egyptians living abroad, has secured $3 million in seed funding in a round led by Y Combinator, with participation from BYLD, Digital Currency Group (DCG), and other strategic investors.
Founded in 2024 by former Microsoft and Uber engineer Khalid Ashmawy, Munify aims to address the slow, expensive remittance process that many diaspora Egyptians face. The platform enables instant, low-cost transfers to Egypt, access to U.S. bank accounts, debit card issuance, and foreign exchange tools, with just a local ID.
Munify has already rolled out services across the U.S., U.K., Europe, and the GCC, targeting freelancers, SMEs, and expatriate Egyptians who suffer from high fees and lengthy settlement times. The funds will support scaling engineering and compliance teams, forging stronger partnerships with regulators and banks, and expanding into additional markets across the region.
Ashmawy reflected on his personal experience while studying in Europe, when a simple $400 transfer to Cairo cost $40 in fees and took three days to arrive. This inefficiency stayed with him and became the motivation behind Munify.
Munify also operates a B2B model, offering payment APIs to businesses. It has already secured contracts with mid-sized firms, representing more than $50 million in projected monthly transaction volume.
Egypt’s economy relies heavily on remittances, with nearly $30 billion entering the country annually, setting the stage for digital solutions like Munify to disrupt legacy remittance channels.
This funding round signals growing confidence in Munify’s platform, which blends convenience with regulatory readiness. The backing by top-tier investors positions Munify as a potential leader in reconfiguring cross-border banking for diaspora populations across Africa and beyond.
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