Munify Secures $3 Million to Build a Digital Bank for Egyptians Worldwide
The round, led by top-tier accelerator Y Combinator with backing from BYLD and DCG, demonstrates strong confidence in the company’s mission to modernize financial services for expatriates and streamline international transactions.
Munify , a promising fintech startup based in Cairo, has closed a $3 million seed funding round to build a cross-border digital bank for Egyptians living abroad. The round, led by top-tier accelerator Y Combinator with backing from BYLD and DCG, demonstrates strong confidence in the company’s mission to modernize financial services for expatriates and streamline international transactions.
Founded in 2024 by Egyptian entrepreneur Khalid Ashmawy, Munify is directly addressing the high costs and significant inefficiencies of remittances. Ashmawy, a tech veteran with years of experience at Microsoft and Uber, is now applying his expertise to a critical problem. The startup was notably selected for Y Combinator’s Summer 2025 batch, a major achievement as the accelerator has recently focused on a small number of non-U.S. startups outside the AI space.
Munify’s platform currently serves Egyptians across the U.S., U.K., Europe, and the GCC, offering instant, low-cost transfers back home. Beyond remittances, the service also empowers remote workers, freelancers, and businesses in the Middle East by allowing them to open U.S. bank accounts, get debit cards, and hedge against local currency fluctuations. This funding will help Munify expand its services and provide a truly modern financial solution for the Egyptian diaspora.
