Egyptian startup «Munify» raises $3 million to enhance remittance services for Egyptians abroad

Fintech Gate: Mostafa Eid

Cairo-based fintech startup «Munify» has secured $3 million in seed funding to build a cross-border digital bank targeting the Egyptian diaspora. The platform aims to streamline money transfers to Egypt while also granting residents in the country access to U.S. banking services.

Founded in early 2025, «Munify» emerged as a response to the challenges Egyptians abroad face in sending remittances, which are often costly and slow.

The company joined the Summer 2025 batch of U.S. accelerator «Y Combinator», becoming one of the few startups outside the U.S. to participate at a time when most of the focus is centered on artificial intelligence companies.

The funding round included backing from «Y Combinator» along with regional investors such as «BYLD» and «DCG», underscoring confidence in the company’s vision to deliver modern financial solutions tailored for expatriates.

«Munify» was founded by Egyptian entrepreneur Khalid Ashmawy, who previously gained extensive experience at global firms including «Microsoft» and «Uber» before venturing into entrepreneurship.

His personal journey as an expatriate in Europe—struggling with high costs and inefficiencies in transferring money to Egypt—served as the inspiration to develop a digital banking platform designed to provide faster, more efficient, and more flexible financial solutions for Egyptians living abroad.