Munify Secures $3M Seed Funding to Revolutionize Banking for Egyptian Expats
Cairo-based fintech startup Munify has successfully raised $3 million in seed funding, spearheaded by Y Combinator and bolstered by investments from BYLD, Digital Currency Group, and other key strategic players. This investment aims to fuel Munify’s ambitious goal of transforming global banking and payment accessibility for the large Egyptian diaspora.
Bridging the Gap in Cross-Border Payments
Founded in 2024 by Khalid Ashmawy, previously an executive at Microsoft and Uber, and also a co-founder of the proptech platform Huspy, Munify is developing a digital banking platform to streamline cross-border financial services. This seed funding arrives as Munify graduates from Y Combinator’s Summer 2025 cohort, a notable achievement for a MENA-based fintech company amidst a program increasingly dominated by AI-focused startups. Ashmawy emphasizes the critical role of remittances for Egypt, highlighting the challenges many Egyptians face with expensive, slow, and fragmented transfer services. Munify aims to solve these pain points by creating a more accessible and efficient global banking infrastructure for Egyptians residing abroad.
With this significant seed funding, Munify is poised to make a substantial impact on how Egyptians living overseas manage their finances and send money home, addressing a crucial need in a major remittance-receiving country.
Keywords
Related Keywords: Munify, digital bank, Egyptians abroad, FinTech, TechMoran, remittance, Egypt, venture capital, startup funding, crossborder payments
