Cairo-based fintech Munify has secured US$3 million in seed funding led by Y Combinator, with participation from BYLD, Digital Currency Group, and other strategic investors.
The investment follows Munify’s graduation from Y Combinator’s Summer 2025 batch, during which only a limited number of fintech companies from the MENA region were accepted in a cohort largely focused on artificial intelligence.
Founded in 2024 by Khalid Ashmawy, a former executive at Microsoft and Uber and co-founder of proptech firm Huspy, Munify is developing a cross-border digital bank aimed at Egyptians living overseas.
The platform provides instant, lower-cost remittances to Egypt, access to US bank accounts, debit card issuance, and tools designed to mitigate exposure to local currency volatility.
The service is currently available in the US, the UK, Europe, and the Gulf Cooperation Council (GCC) region.
It primarily targets freelancers, SMEs, and Egyptians abroad facing high remittance costs and settlement delays.
The company said the new funding will support the expansion of its engineering and compliance teams, the strengthening of regulatory and banking partnerships, and entry into 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 Chief Executive of Munify.
“We’re building the infrastructure to make global banking and payments more accessible for Egyptians, wherever they live.”
Featured image credit: Munify
