Egypt-based fintech company Munify has successfully secured a $3 million seed funding round, spearheaded by Y Combinator. The round also saw participation from BYLD, Digital Currency Group, and other strategic investors. This funding aligns with Munify’s recent completion of Y Combinator’s Summer 2025 batch, positioning it as one of the few fintech startups from the MENA region in a cohort largely focused on AI innovations.
Founded in 2024 by Khalid Ashmawy, an experienced executive with a background at Microsoft and Uber, Munify is developing a digital banking platform aimed at Egyptians living abroad. The platform facilitates immediate, low-cost remittances to Egypt, offers U.S. bank account services, debit card issuance, and provides tools to mitigate currency volatility. Currently operational in the U.S., U.K., Europe, and the GCC, Munify primarily targets freelancers, SMEs, and Egyptians overseas who often encounter high remittance fees and settlement delays.
The newly acquired funds will be directed towards scaling engineering and compliance teams, enhancing regulatory and banking partnerships, and entering new markets. Khalid Ashmawy, Munify’s CEO, emphasized the importance of remittance flows as a financial lifeline for Egypt and expressed the company’s commitment to improving global banking and payment accessibility for Egyptians worldwide.
