Cairo - Mubasher: Egypt-based fintech Munify has raised a $3 million seed round led by Y Combinator, with participation from BYLD, Digital Currency Group, and other strategic investors.
It will use the investment to scale engineering and compliance teams, strengthen its regulatory and banking partnerships, and expand into regional markets, according to a press release.
Founded in 2024 by Khalid Ashmawy, Munify is building a cross-border digital bank tailored to Egyptians living abroad. Its platform enables instant, low-cost remittances to Egypt, US bank account opening, debit card issuance, and tools to hedge against currency volatility.
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,” he added.
Munify’s services are currently available in the US, UK, Europe, and the GCC, targeting freelancers, SMEs, and Egyptians overseas who face high remittance fees and slow settlement times.
