Munify Secures $3M to Power Cross-Border Banking for Egypt’s Diaspora & Freelancers
▼ Summary
– Munify raised $3 million in seed funding led by Y Combinator to build a cross-border neobank for the Egyptian diaspora and local freelancers and businesses.
– The platform offers faster, cheaper remittances for Egyptians abroad and provides U.S. bank account access for Egyptian and Middle Eastern users without residency requirements.
– It enables users to hold and manage multiple currencies, swap between them instantly to avoid fees, and currently supports USD with EUR and GBP accounts coming soon.
– The startup is building proprietary infrastructure to directly connect banking systems across countries rather than relying on existing rails.
– Munify has already attracted thousands of sign-ups and signed enterprise contracts representing over $50 million in projected monthly cross-border volume.
A new fintech venture has secured significant backing to transform how money moves across borders, specifically targeting the massive Egyptian remittance market and the region’s growing freelance economy. Munify has raised $3 million in seed funding to develop a neobanking platform that simplifies international payments for both individuals and businesses. The investment round was spearheaded by Y Combinator, with additional support from regional backers such as BYLD and DCG.
Founded earlier this year by Khalid Ashmawy, previously co-founder and CTO of proptech leader Huspy, Munify tackles two sides of the same challenge: making it easier for the Egyptian diaspora to send money home and enabling local freelancers and enterprises to access U.S. banking services. Despite launching just weeks ago, the platform has already drawn thousands of users through organic growth and word-of-mouth referrals.
The company’s strategy focuses on a dual-audience approach. For Egyptians living abroad, especially in the U.S., U.K., Europe, and Gulf nations, Munify offers a streamlined, cost-effective solution for sending remittances. On the other side, it provides freelancers and businesses in Egypt and the wider Middle East with the ability to open U.S. bank accounts using only a local ID, bypassing traditional residency hurdles.
Through its platform, users can manage multiple currencies within a single account, switching between them instantly to dodge conversion fees and protect against currency fluctuations. The system currently supports U.S. dollars, with euro and British pound accounts slated for release soon. Each currency comes with its own unique banking details, simplifying international deposits and payments. Users also receive unlimited virtual USD cards accepted worldwide, complete with adjustable spending limits and live transaction monitoring.
Coming features include professional invoicing tools that allow users to create and send branded invoices, complete with product catalogs and support for various payment methods and currencies. A payment request function will also be introduced, letting users generate shareable links to collect payments from clients or contacts.
A key differentiator for Munify is its proprietary infrastructure. Rather than depending on third-party payment networks, the company is building its own direct connections between banking systems in different countries. This approach aims to enhance speed, reliability, and scalability.
The Egyptian remittance landscape is one of the largest globally, with nearly $30 billion flowing into the country each year. Munify currently supports six major currencies, USD, EUR, GBP, AED, INR, and EGP, positioning it to serve not only Egypt-specific transactions but also broader regional financial corridors.
On the business front, Munify has already secured agreements with mid-sized companies that represent over $50 million in projected monthly cross-border volume. The platform offers API integrations for enterprises handling payouts, pay-ins, and card issuance, all built on what the company describes as a high-speed, scalable infrastructure.
(Source: MENAbytes)
