Technology News: Egyptian Fintech Startup Munify Secures $3 Million in Seed Funding
Egypt’s burgeoning tech scene continues to attract global investment. In a significant development, the Egyptian fintech firm Munify has successfully closed a $3 million seed funding round. The round was spearheaded by Y Combinator, a prominent Silicon Valley accelerator, and included participation from BYLD and Digital Currency Group (DCG), highlighting the growing interest in Egyptian tech ventures. This funding will fuel Munify’s mission to revolutionize financial services for Egyptians living abroad.
Munify: Building a Digital Bank for the Egyptian Diaspora
Founded in 2024 by Khalid Ashmawy, an experienced entrepreneur with a background at Microsoft, Uber, and proptech platform Huspy, Munify is setting out to establish a cross-border digital bank. The core target of this platform is the Egyptian diaspora, offering essential financial services designed to address their specific needs. Munify’s offerings encompass remittance transfers back to Egypt, the opening of U.S. bank accounts for its customers, debit card issuance, and currency exchange. The platform is focused on providing real-time transfer capabilities, providing access to Egyptian banking services from anywhere in the world, and offering foreign exchange services aimed at minimizing currency-related risks. The company was a part of Y Combinator’s Summer 2025 cohort and is now available in the United States, the United Kingdom, the European Union, and the Gulf Cooperation Council (GCC) countries.
In conclusion, Munify’s successful seed round, led by Y Combinator, marks a notable achievement for Egyptian fintech. The company’s focus on serving the financial needs of Egyptians abroad has the potential to create a significant impact in the financial inclusion space and reflects the growing dynamism of the tech ecosystem in Africa.
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