Cairo-based Munify has closed a $3 million seed round led by Y Combinator. This round also saw the participation of BYLD, Digital Currency Group and other strategic investors.
Munify was founded in 2024 by Khalid Ashmawy and is building a cross-border digital bank specifically designed for Egyptians living abroad.
What Munify Offers
Munify’s platform enables instant, low-cost remittances into Egypt while providing users access to U.S. bank accounts, debit cards, and tools to manage currency risk. Its services are currently available in the U.S., U.K., Europe, and the Gulf Cooperation Council (GCC). The startup targets freelancers, small and medium enterprises (SMEs) and Egyptians working overseas.
According to the company, the fresh capital will be deployed to expand its engineering and compliance teams, deepen regulatory and banking partnerships, and enter additional markets.
“Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” said Khalid Ashmawy, Founder and CEO of Munify. “We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
Remittances are a key pillar of Egypt’s economy. The World Bank estimates that Egyptians abroad sent home over $24 billion in 2023, making Egypt one of the top remittance destinations globally. Traditional channels still remain expensive with fees often reaching as high as 6% per transaction. This is quite high and makes the whole process expensive for users.
Munify’s YC backing gives it credibility and access to a global investor network. This also positions the company better to navigate complex regulatory frameworks in both sending and receiving markets.
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