Munify, a cross-border neobank built for the Egyptian diaspora, has secured $3 million in seed funding led by Y Combinator, with additional backing from BYLD and DCG. The fintech startup is tackling inefficiencies in the remittance sector by offering faster, cheaper, and more accessible money transfers to Egypt, while also providing Middle Eastern residents with access to U.S. banking using only local IDs.
Founded in 2025 by Khalid Ashmawy — a former Microsoft and Uber executive and co-founder of proptech platform Huspy — Munify was created to address the frustration of costly, slow remittance systems. Through its platform, users can instantly open a USD account, receive a virtual card, and transfer money home at competitive rates in a seamless experience.
Egypt is one of the world’s largest remittance markets, receiving nearly $30 billion annually. Traditional services are often weighed down by high fees and delays, a gap Munify aims to close by building its own payment rails to directly link international banking systems and reduce reliance on intermediaries.
Despite launching only two weeks ago, Munify has already signed contracts with mid-sized companies and enterprises, representing over $50 million in projected monthly transaction volume. Thousands of users have joined the platform, which operates under a dual model: consumer-facing remittance and banking services, alongside APIs for businesses handling cross-border payments.
With its new funding, Munify plans to expand beyond Egypt into other Middle Eastern and regional markets, aiming to build an interconnected banking infrastructure. By riding the wave of rising cross-border payment demand and growing confidence in Egypt’s economy, the startup is positioning itself to disrupt the remittance industry and redefine financial access for millions of Egyptians abroad.
