Cairo-based fintech startup Munify has announced raising $3 million in seed funding to build a cross-border digital bank designed for Egyptians abroad. The round was led by Y Combinator, with participation from BYLD and DCG, reflecting strong investor confidence in the company’s vision to modernize financial services for expatriates.
Earlier this year, Munify joined the Summer 2025 batch of Y Combinator, making it one of the few non-U.S. startups selected at a time when most of the spotlight is on AI companies.
Founded in 2024 by Egyptian entrepreneur Khalid Ashmawy, the company is tackling the inefficiencies and high costs of remittances faced by Egyptians overseas. Ashmawy, who spent seven years at Microsoft and Uber before co-founding the PropTech platform Huspy, brings extensive expertise in building scalable tech solutions.
Currently, Munify serves Egyptians across the U.S., U.K., Europe, and the GCC, providing instant, low-cost transfers to Egypt. The platform also enables freelancers, remote workers, and businesses in the Middle East to open U.S. bank accounts, issue debit cards, and hedge against local currency fluctuations.
Speaking to TechCrunch, Ashmawy said:
“The key reason we’re different is that we’re building our own infrastructure and connecting directly with banking systems across different countries… We designed this experience specifically for people from the region.”
