Munify Raises $3M for Digital Banking Expansion

September 3, 2025 • FinTech News
Munify Raises $3M for Digital Banking Expansion

Cairo-based fintech startup Munify has secured $3 million in a seed funding round. This investment will fuel the scaling of its digital banking solutions designed specifically for Egyptians living abroad. According to reports from Wamda, the funding round was led by the prominent accelerator Y Combinator. Furthermore, it received backing from BYLD, Digital Currency Group, and several other investors.

Solving Long-Standing Financial Challenges

Founded in 2024, Munify was created to address significant challenges faced by Egyptian expatriates. Traditionally, they have struggled to access affordable and efficient financial services from abroad. Consequently, the Munify platform provides a modern solution. It enables instant, low-cost remittances directly to Egypt. Additionally, it allows users to open U.S. bank accounts and receive debit cards. The platform also offers specialized tools to help mitigate the risks of currency volatility. These are all problems that traditional banks and remittance providers have historically failed to solve effectively.

Target Market and Strategic Advantages

Currently, Munify serves customers located in the U.S., U.K., Europe, and the GCC region. The company specifically focuses on freelancers, SMEs, and expatriates. These groups often face exceptionally high fees and long settlement delays with traditional services. By providing faster and considerably cheaper solutions, Munify positions itself as a modern and efficient alternative to outdated remittance infrastructure.

Plans for Growth and a Vital Mission

With this new capital, Munify has clear plans for expansion. The company intends to grow its engineering and compliance teams significantly. It also aims to strengthen its banking and regulatory partnerships. Ultimately, a key goal is to expand into new international markets.

CEO Khalid Ashmawy emphasized the critical importance of remittances. He noted that they remain one of Egypt’s most vital financial lifelines. Ashmawy stated that Munify’s core mission is to make global banking and payments radically more accessible for all Egyptians, no matter where they live.

This successful funding round reflects a broader trend: the growing demand for localized fintech solutions across emerging markets. Startups like Munify are increasingly stepping in to close the major gaps left by traditional, slower-moving financial institutions.