Egyptian startup Munify has raised $3 million in a seed funding round to build a cross-border neobank for Egyptians living abroad. The round was led by Y Combinator, as part of its Summer 2025 batch, with participation from prominent regional investors BYLD and DCG.
By the Numbers
The funding will help Munify tackle one of the world’s largest remittance markets:
- $3 Million: The total value of the seed funding round.
- $30 Billion: The approximate annual remittance inflows to Egypt, highlighting the massive market potential.
- Y Combinator S25: Munify was a rare non-US, non-AI startup to be accepted into the prestigious accelerator’s summer batch.
A Neobank for the Egyptian Diaspora
Founded in early 2025 by Khaled Ashmawy, Munify is a cross-border neobank for the Middle East and its diaspora. The platform aims to provide Egyptians abroad with a faster and cheaper way to send money home. It also enables residents, remote workers, and freelancers in the Middle East to open U.S. bank accounts and cards using only their local ID, helping them receive and spend money internationally and hedge against local currency volatility.
Solving the Pain Points of Remittances
The idea for Munify was born from the founder’s own difficulties as an immigrant trying to send money back to his family in Cairo. Traditional remittance platforms are often slow and expensive, with long transfer times and high fees. Munify aims to solve this by offering instant transfers at better rates. The company’s revenue is generated from foreign exchange spreads, payment flows, and commissions.
Regional Expansion on the Horizon
Munify currently serves Egyptians in the United States, the U.K., Europe, and the Gulf. With the new funding, the company plans to expand beyond Egypt to other Middle Eastern and adjacent countries, gradually stitching together regional banking rails to serve both individuals and businesses.
Source: WAYA
