Munify has raised USD 3 million in seed funding to build a cross-border neobank for Egyptians living abroad. The round was led by Y Combinator, BYLD, and DCG.
Started in early 2025 by Khaled Ashmawy, Munify’s goal is to make it faster and cheaper for Egyptians abroad to send money home, while also giving residents in Egypt access to U.S. banking services. The main focus is on Egyptians living in the U.S., U.K., Europe, and the Gulf.
Munify joined Y Combinator’s Summer 2025 batch, standing out as one of the few startups from outside the U.S. and one of the few not focused on AI in a class dominated by AI companies.
The company works with both individuals and businesses. For consumers, it offers remittance and banking services. For businesses, it provides APIs to facilitate the sending and receiving of cross-border payments.
Looking ahead, Munify plans to expand beyond Egypt to other Middle Eastern and nearby countries, building direct banking connections across the region step by step.
Egypt is one of the biggest remittance markets in the world, receiving almost USD 30 billion every year. Founder Khaled Ashmawy experienced first-hand how difficult and costly it was to send money home to his family in Cairo as an immigrant. This inspired him to create Munify, with the goal of making money transfers instant, affordable, and hassle-free.
Traditional remittance services are often slow and expensive with high fees and long transfer times. Munify aims to change this by offering faster and more affordable transfers.
The startup also plans to help businesses, freelancers, and remote workers in the Middle East by giving them access to U.S. bank accounts and cards. Using just a local ID, they will be able to easily receive and spend money, while also protecting themselves from fluctuations in local currency.
Read more- Seraya Raises $1.8 Million Seed Funding Through Equity-Debt Mix
