Munify, a revolutionary cross-border neobank catering to the Egyptian diaspora, has recently closed a successful seed funding round of $3 million. The funding was led by prestigious investors such as Y Combinator, with additional support from BYLD and DCG. The primary goal of Munify is to address the challenges faced by traditional remittance services by providing faster and more affordable money transfers to Egypt. Alongside remittance solutions, Munify also offers Middle Eastern residents access to U.S. banking services, with only local IDs required.
Established in 2025 by Khalid Ashmawy, a seasoned professional with a background in Microsoft, Uber, and co-founding the Middle Eastern proptech platform Huspy, Munify was founded out of Ashmawy’s personal frustration with the slow and expensive nature of existing remittance systems. The platform allows users to instantly open a USD account, receive a virtual card, and send money back home at competitive rates, all through a user-friendly app.
With Egypt being one of the largest remittance markets globally, receiving nearly $30 billion in remittances annually, traditional money transfer methods often come with high fees and lengthy processing times. Munify aims to streamline this process by establishing its own payment infrastructure, connecting banking systems directly across borders and reducing reliance on third-party providers.
In just two weeks since its launch, Munify has already secured contracts with mid-sized companies and enterprises, representing over $50 million in projected monthly cross-border transaction volume. The platform has garnered significant early adoption, with thousands of users signing up. Operating under a dual model, Munify offers remittance and banking services to individuals while also providing APIs for businesses to facilitate cross-border payments.
Supported by Y Combinator and other prominent investors, Munify plans to expand its services beyond Egypt to other Middle Eastern and nearby countries, gradually building a connected regional banking infrastructure. With the rising demand for cross-border banking services and growing confidence in the stability of the Egyptian economy, Munify aims to capitalize on these trends and revolutionize the traditional remittance market by offering faster and more cost-effective solutions for Egyptians abroad.
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