Egyptian fintech startup Munify has raised $3 million in seed funding, led by Y Combinator, with participation from BYLD, Digital Currency Group (DCG), and other strategic investors.
The fresh capital will fuel the company’s expansion into new markets, bolster regulatory and banking partnerships, and scale its engineering and compliance teams.
Commenting on the round, Munify founder and CEO Khalid Ashmawy said,
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“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.”
Founded in 2024 by Khalid Ashmawy, Munify is redefining how Egyptians abroad and businesses manage money across borders. The fintech is the cross-border Neobank for the Middle East and its diaspora.
With services already available in the U.S., U.K., Europe, and the GCC, the platform targets freelancers, SMEs, and Egyptians overseas, many of whom struggle with high remittance costs, delayed settlements, and rigid payout options.
As more Egyptians turn to freelancing and remote work through platforms like Upwork and Fiverr, reliable cross-border payment solutions are becoming essential.
Traditional ways of receiving USD into Egypt are full of obstacles. Bank transfers can take days (or weeks) and often come with hidden fees. Many platforms force freelancers into rigid payout methods that consume much of their earnings. And in some cases, accounts can even be frozen for unclear “safety” reasons.
Munify ensures that workers and entrepreneurs keep more of their earnings while avoiding the friction of traditional banking systems. The fintech makes this process seamless.
With a USD account and virtual cards in one app, Egyptians can:
- Receive USD directly from clients and platforms.
- Use virtual cards to shop online or pay for services instantly.
- Send funds home or withdraw when needed, without losing money to unnecessary fees.
For remote workers, it means less stress about how payments will arrive.
Notably, in today’s interconnected world, businesses are increasingly global-serving customers, hiring talent, and managing suppliers across multiple countries. However, this global reach brings significant complexity, especially when dealing with multiple currencies.
Traditional banks often require businesses to open separate accounts in each country, leading to high fees, poor exchange rates, and administrative headaches. Currency conversion delays and the lack of transparency in international transfers can erode profits and slow down business operations.
Munify’s multi-currency accounts are designed to solve these challenges by offering a single dashboard to manage balances in USD, EUR, GBP, and more. This streamlined infrastructure gives businesses greater control, flexibility, and clarity over their global finances, reducing the need for multiple bank relationships and simplifying cross-border operations.
By integrating multi-currency accounts with tools like invoicing and payouts, Munify eliminates the need for businesses to open separate bank accounts in each country. This reduces costs, streamlines operations, and provides flexibility for companies managing global suppliers, employees, and customers.
Looking Ahead
With its mission to simplify money movement and empower financial independence, Munify is positioning itself as the leading embedded finance platform in the MENA region.
By merging secure, innovative, and scalable financial solutions, the startup aims to unlock new growth opportunities for both individuals and enterprises in an increasingly interconnected economy.