Cairo-based FinTech Munify, which focuses on cross-border digital banking solutions for Egyptians living abroad, has secured $3m in a seed funding round.
The round was led by Y Combinator, with additional support from BYLD, Digital Currency Group, and other strategic investors, according to a report from Wamda.
Founded in 2024, Munify aims to tackle the challenges faced by Egyptians abroad when accessing affordable and efficient banking services. Its platform provides instant, low-cost remittances to Egypt, the ability to open US bank accounts, debit card issuance, and tools to mitigate currency volatility.
Currently serving customers in the US, UK, Europe, and the GCC, Munify’s services cater to freelancers, SMEs, and Egyptian expatriates who face high fees and settlement delays with traditional remittance providers.
The company said the new funding will help scale its engineering and compliance teams, enhance regulatory and banking partnerships, and expand into more markets.
Munify CEO Khalid Ashmawy said, “Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services. We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
Source: https://fintech.global/
