Egyptian fintech startup Munify, founded by Khalid Ashmawy, has secured $3 million in seed funding led by Y Combinator. The startup aims to provide cross-border banking services for Egyptians living abroad, offering instant and low-cost remittances, U.S. account opening, debit cards, and protection against currency volatility.
“We want to make global banking and payments simpler and more affordable for Egyptians, no matter where they are,” Ashmawy said. Munify has already signed up thousands of users and secured contracts with mid-sized companies, with projected monthly cross-border payments exceeding $50 million.
The funding will be used to grow Munify’s engineering and compliance teams, strengthen regulatory and banking partnerships, and expand into new regional markets. Ashmawy plans to position Munify as a bridge between Egyptians abroad and the businesses and families who rely on their support at home.
With Egypt ranking among the world’s top remittance destinations, Munify hopes to capture part of the $30 billion annual inflow by offering a faster and cheaper alternative to traditional remittance services. The startup is developing its own payment infrastructure to connect banks across borders, aiming to reduce settlement times and generate revenue from FX spreads, interchange, and transaction fees.
As a participant in Y Combinator’s Summer 2025 batch, Munify is well-positioned to scale its operations and achieve its vision of becoming core financial infrastructure for individuals and small businesses.