YC-backed Munify raises $3M to serve Egyptian diaspora with cross-border neobank

Egyptian fintech startup Munify has raised $3 million in seed funding to scale its cross-border neobank tailored for the Egyptian diaspora.

The startup, founded by former Microsoft and Uber engineer and co-founder of Huspy (a proptech startup), Khalid Ashmawy, recently joined Y Combinator’s Summer 2025 batch. Munify enables Egyptians abroad to send money home instantly at lower costs while giving residents and regional freelancers access to U.S. bank accounts and cards with only a local ID.

Egypt is one of the world’s top remittance markets. Traditional wires (Western Union, MoneyGram, bank transfers) dominate, but they’re expensive and slow.

Read also: Fusepay, a Seychelles-based fintech, raises $350k pre-seed to digitise business payments

Backed by YC, BYLD, and DCG, Munify aims to tap into Egypt’s $30 billion annual remittance market by building its own banking rails to directly connect financial systems across countries. The platform, which launched two weeks ago, already reports thousands of signups and contracts with companies projecting over $50 million in monthly cross-border volume.

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Munify generates revenue from FX spreads, interchange, and payment flows, with expansion plans across the Middle East.