Cairo-based Munify, founded in 2024 by Khalid Ashmawy, has successfully closed a $3 million seed funding round led by Y Combinator. This capital will power their cross-border digital banking solution for Egyptians living abroad.

• Munify offers instant, low-cost remittances to Egypt, access to U.S. bank accounts, debit cards, and currency risk management tools.
• Key investors include Y Combinator, BYLD, and Digital Currency Group.
• The service is currently available in the U.S., U.K., Europe, and the Gulf Cooperation Council (GCC), targeting freelancers, SMEs, and Egyptians working overseas.
• According to the World Bank, Egyptians abroad sent over $24 billion in remittances in 2023, making Egypt a top destination.
• The new funds will expand engineering and compliance teams, deepen regulatory partnerships, and facilitate entry into additional markets.