Egyptian fintech company Munify has raised $3 million in a seed funding round led by Y Combinator with participation from other investors.
About Munify
Munify was founded in 2024 by Khalid Ashmawy, a former Microsoft and Uber employee and co-founder of the proptech platform Huspy. The company's aim is to create a cross-border digital bank specially designed for Egyptians living abroad. Services offered include remittance transfers to Egypt, U.S. bank account openings, debit card issuance, and foreign exchange.
Funding and Future Plans
The $3 million raised will be used to scale the engineering and compliance teams, strengthen connections with regulators and banks, and expand into new regional and international markets. Munify has also signed deals with secondary businesses, enabling it to move beyond individual remittances to business payment flows.
Current Market Conditions and Opportunities
According to the World Bank, Egypt receives approximately $30 billion annually in remittances. This sector significantly contributes to the country's foreign exchange and family incomes. Munify serves as a response to the high fees and delays seen in traditional money transfer systems, planning to offer competitive solutions.
With its new funding, Munify aims to expand its services and become a key player in the remittance and digital banking market for Egyptians abroad.
