Munify Secures USD 3M Seed Funding to Launch Cross-Border Neobank for Egyptians Overseas

Munify has secured USD 3 million in seed funding, backed by Y Combinator, BYLD, and DCG, to establish a cross-border neobank tailored for Egyptians living abroad. Founded in early 2025 by Khaled Ashmawy, the startup’s mission is to provide Egyptians overseas with faster and more affordable remittance services, while also enabling access to U.S. banking. Its core customer base includes Egyptians residing in the U.S., U.K., Europe, and the Gulf, as well as freelancers, remote workers, and businesses.

Y Combinator Backing

Munify joined Y Combinator’s Summer 2025 batch, one of the few international startups selected. Notably, it stood out in a cohort dominated by generative AI ventures, entering with a fintech-focused proposition instead of an AI-centric pitch.

Business Model & Services

Munify operates on a dual-track model:

• Consumers: Providing individuals with low-cost, fast remittances and access to U.S. bank accounts and cards using only local identification.
• Businesses: Offering APIs that simplify cross-border payments, enabling companies to send and receive international transfers seamlessly.

This model positions Munify to address both personal and commercial needs, while also giving users a way to hedge against currency volatility in their home markets.

Expansion Strategy

Looking ahead, Munify plans to scale regionally, linking banking infrastructure across the Middle East and adjacent markets to create an integrated financial network.

Market Context: Remittances

Egypt ranks among the world’s top remittance markets, receiving close to USD 30 billion annually. Ashmawy’s personal experience as an immigrant struggling to send money home inspired the company’s founding. Traditional remittance services are often slow and costly, burdened by lengthy transfer times and high fees. Munify seeks to solve this by delivering instant, affordable transfers that benefit both individuals and businesses.