Munify, a Y Combinator Summer 2025 startup founded by ex-Microsoft and Uber engineer Khalid Ashmawy, has raised $3 million in seed funding to make remittances faster and cheaper while giving residents in Egypt access to U.S. banking services.
Munify has raised $3 million in seed funding from Y Combinator, BYLD, and DCG to finance the launch of a cross-border neobank for Egyptians living abroad. The company aims to streamline remittances, giving residents and freelancers in Egypt access to U.S. banking services.
Egypt is one of the world’s largest remittance markets, with inflows exceeding $30 billion annually. Traditional transfers via banks and providers like Western Union and MoneyGram remain costly and slow, with fees as high as 10% and settlement times of several days. Munify seeks to change that by offering instant money transfers at better rates and enabling Egyptians to open U.S. accounts and use virtual stablecoin-backed cards using only a local ID, so that its users avoid the inconveniences of local currency volatility.
Launched in 2024, the blockchain-native platform has already signed contracts with mid-sized companies and enterprises representing over $50 million in projected monthly cross-border volume. Early service adoption is growing mainly through word of mouth, with thousands of sign-ups since launch.
Munify operates on a dual model, serving consumers with remittances and banking access while providing businesses with APIs for cross-border payments. Its revenue comes from FX spreads, interchange, and payment flows. A key differentiator, according to the company, is building its own rails to directly connect banking systems across countries, reducing reliance on intermediaries.
In the future, Munify plans to expand beyond Egypt to other Middle Eastern and adjacent markets, gradually stitching together regional banking infrastructure. In addition, the startup aims to add EUR & GBP functionality to its multi-currency accounts.
