Digital banking services provider Munify gains $3 million to facilitate expansion

Munify, a cross-border financial services company founded by Khalid Ashmawy in 2024, has announced it has secured a $3 million seed funding round. The funding round was led by Y Combinator with participation from BYLD, Digital Currency Group, and other strategic investors, including A15 and Differentiator VC, as well as several angel investors.

The funding will be used to expand Munify's engineering and compliance capabilities, deepen regulatory and banking partnerships, and accelerate regional expansion. With this investment, Munify aims to make global banking and payments more accessible for Egyptians worldwide.

Munify's digital banking platform, designed for Egyptians living abroad, is reshaping the remittance landscape. The platform offers instant, low-cost remittance services, seamless US bank account opening, debit card issuance, and currency hedging tools. These services are aimed at freelancers, SMEs, and the Egyptian diaspora who have faced high fees and slow settlement times in international transactions.

By offering these services, Munify is strengthening Egypt's presence in the broader digital economy. The company's offering is currently available in the United States, the United Kingdom, Europe, and the GCC. This expansion is expected to continue as Munify continues to develop its platform and forge new partnerships.

Khalid Ashmawy, the Founder and CEO of Munify, stated, "We are building infrastructure to make global banking and payments more accessible for Egyptians worldwide. Our platform is designed to address the specific needs of our target market, and we are committed to providing a seamless, affordable, and efficient service."

With this funding, Munify is well-positioned to continue its mission of making cross-border financial services more accessible and affordable for Egyptians worldwide. The company's success is a testament to the growing demand for digital financial services in the global market.

Digital banking services provider Munify gains $3 million to facilitate expansion