Fintech startup Munify from Egypt secures a $3m seed funding round to accelerate growth in the market
Munify, a fintech startup founded in 2024 by Khalid Ashmawy, has successfully raised a US$3 million seed round. The seed round was led by Y Combinator, with participation from BYLD and Digital Currency Group (DCG).
The digital bank, tailored to Egyptians abroad, aims to make global banking and payments radically more accessible for Egyptians, regardless of their location. Munify's services are currently available in the US, UK, Europe, and the GCC.
The funds raised will be used to expedite engineering, compliance, and market expansion. The new capital will also be used to strengthen regulatory and banking partnerships, as well as to scale engineering and compliance teams.
"Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services," said Khalid Ashmawy, the founder of Munify.
The digital bank offers instant, low-cost transfers to Egypt, US bank account opening, debit card issuance, and FX tools to hedge against currency volatility. These services are aimed at improving the financial situation of millions of Egyptians.
The target market for Munify's digital bank includes freelancers, SMEs, and Egyptians living overseas. The expansion of Munify's services is expected to address the current issues faced by Egyptians in remitting funds, such as high remittance fees and delays in settlement.
YC's support provides access to global partnerships and talent. The round coincides with Munify's graduation from YC's Summer 2025 batch.
The aim is not only to serve the Egyptian market but also to expand into additional markets. By making global banking and payments more accessible, Munify hopes to revolutionise the financial landscape for millions worldwide.
