Munify secures $3m to expand digital banking

By Vriti Gothi

Munify has closed a $3 million seed funding round to transform cross-border financial services for Egyptians worldwide. The round was led by Y Combinator with participation from BYLD, Digital Currency Group, and other strategic investors.

The investment will be directed towards expanding Munify’s engineering and compliance capabilities, deepening regulatory and banking partnerships, and accelerating the company’s regional expansion strategy.

Founded in 2024 by Khalid Ashmawy, Munify is developing a cross-border digital banking platform designed specifically for Egyptians living abroad. The platform integrates instant, low-cost remittance services, seamless US bank account opening, debit card issuance, and currency hedging tools to safeguard customers against volatility, positioning Munify at the forefront of accessible and customer-centric financial innovation.

Ashmawy, Founder and CEO of Munify, said, “Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services. We are building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”

Munify’s offering is currently available in the United States, the United Kingdom, Europe, and the GCC, serving freelancers, SMEs, and the Egyptian diaspora, who have long contended with high fees and slow settlement times in international transactions.

By aligning digital-first solutions with the financial needs of overseas Egyptians, Munify is not only reshaping the remittance landscape but also reinforcing Egypt’s position in the wider digital economy.