Munify Secures $3 Million Seed Funding to Revolutionize Cross-Border Banking for the Egyptian Diaspora
Munify, a cross-border neobank designed specifically for the Egyptian diaspora, has successfully secured $3 million in seed funding, led by Y Combinator, with additional participation from BYLD and DCG. The company is tackling the ongoing challenges faced by remittance services by offering quicker and more affordable money transfers to Egypt. In addition to remittance services, Munify provides Middle Eastern residents with access to U.S. banking, requiring only local IDs.
Founded in 2025 by Khalid Ashmawy, who has a background in Microsoft, Uber, and co-founding the Middle Eastern proptech platform Huspy, Munify was born out of Ashmawy’s frustration with slow and costly remittance systems. The platform allows users to instantly open a USD account, receive a virtual card, and send money home at competitive rates, all within one easy-to-use app.
Egypt, one of the largest remittance markets globally, receives nearly $30 billion annually in remittances. Traditional methods of transferring money are often hindered by high fees and long processing times. Munify aims to simplify this process by creating its own payment rails, directly connecting banking systems across countries and minimizing dependence on third-party providers.
Since its launch just two weeks ago, Munify has already secured contracts with mid-sized companies and enterprises, representing over $50 million in projected monthly cross-border transaction volume. The platform has gained strong early adoption, with thousands of users signing up. Munify operates under a dual model, providing remittance and banking services to individuals while offering APIs for businesses to send and receive cross-border payments.
Backed by Y Combinator and other investors, Munify plans to expand its services beyond Egypt into other Middle Eastern and nearby countries, gradually building a connected regional banking infrastructure. With increasing demand for cross-border banking services and growing confidence in the stability of the Egyptian economy, Munify aims to capitalize on these trends and reshape the traditional remittance market by providing faster and more cost-effective solutions for Egyptians abroad.
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