Egyptian fintech startup Munify raises $3m seed round to expedite market expansion

Founded in 2024 by Khalid Ashmawy, Munify is building a cross-border digital bank tailored to Egyptians abroad, which enables instant, low-cost transfers to Egypt, US bank account opening, debit card issuance, and FX tools to hedge against currency volatility.

The startup’s US$3 million seed round was led by Y Combinator, with participation from BYLD and Digital Currency Group, and will be used to expedite engineering, compliance, and market expansion, with YC’s support providing access to global partnerships and talent. The round coincides with Munify’s graduation from YC’s Summer 2025 batch.

Munify’s services are already available in the US, UK, Europe, and the GCC, targeting freelancers, SMEs, and Egyptians living overseas who face high remittance fees and delays in settlement.

The new capital will be used to scale engineering and compliance teams, strengthen regulatory and banking partnerships, and expand 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 Ashmawy. “We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”