Cairo-based fintech startup Munify has raised $3 million in seed funding to build a cross-border digital bank tailored for Egyptians living abroad. The round was led by Y Combinator, with backing from BYLD and DCG. This shows a strong signal of investor belief in Munify’s mission to modernize financial services for the diaspora.
A Rare Spot in Y Combinator
In Summer 2025, Munify joined Y Combinator’s latest batch. In fact, it was one of the few non-U.S. startups to stand out in a cohort dominated by AI ventures. This global recognition adds weight to Munify’s ambition of tackling remittance challenges faced by millions of Egyptians overseas.
Tackling Remittance Inefficiencies
Founded in 2024 by Khalid Ashmawy, Munify is addressing long-standing issues around remittances—slow transfers, high fees, and limited transparency. Ashmawy, a seasoned entrepreneur with past roles at Microsoft, Uber, and co-founding PropTech platform Huspy, brings deep experience in scaling technology solutions for global users.
Currently, the platform supports Egyptians living in the U.S., U.K., Europe, and the GCC. It provides instant, low-cost transfers back home, helping families access money faster and at lower costs than traditional services.
Beyond Transfers: A Full Digital Banking Suite
Munify is not stopping at remittances. Its services extend into a broader digital banking ecosystem designed to empower both individuals and businesses. Users can:
- Open U.S. bank accounts remotely from the Middle East
- Issue debit cards for everyday transactions
- Protect savings by hedging against local currency fluctuations
- Support freelancers and remote workers with secure, accessible banking tools
This makes Munify not only a remittance solution but also a financial bridge between economies—allowing Egyptians abroad to manage their money seamlessly across borders.
Building Infrastructure, Not Just Apps
In an interview with TechCrunch, CEO Khalid Ashmawy explained what sets Munify apart:
“The key reason we’re different is that we’re building our own infrastructure and connecting directly with banking systems across different countries… We designed this experience specifically for people from the region.”
By focusing on its own financial rails, Munify is moving away from the dependency on third-party processors that slow down or limit competitors. This direct integration with banking systems provides more reliability, speed, and cost efficiency.
Shaping the Future of Diaspora Banking
With millions of Egyptians working abroad and sending money home, the need for a smarter, cheaper, and faster banking solution has never been greater. Munify is positioning itself as the go-to platform for cross-border financial services—starting with Egypt but with clear potential to scale across the region.
As remittances remain a lifeline for emerging economies, Munify’s model of building banking infrastructure for diaspora communities could set a new standard for fintech in the Middle East and beyond.