Munify Raises $3 Million to Launch Neobank for Egyptians Abroad

Fintech startup Munify, founded by former Microsoft and Uber engineer Khalid Ashmawy, has raised $3 million in seed funding from Y Combinator, BYLD, DCG, and regional investors to launch a neobank for Egyptians abroad and the local market. The platform streamlines cross-border money transfers by building its own banking infrastructure and connects systems directly across markets - offering near-instant and lower-cost remittances to Egypt, US bank accounts, and virtual cards for Middle Eastern residents using only a local ID. Launched in Summer 2025's Y Combinator cohort, Munify has achieved thousands of sign-ups and secured enterprise contracts projecting upwards of $50 million in monthly cross-border transaction volume. With Egypt receiving nearly $30 billion in annual remittances, Munify targets individuals, freelancers, and businesses across the US, UK, Europe, and Gulf, with plans to expand across the Middle East and build interlinked regional banking rails. The startup operates on a dual consumer-business model, generating revenue through FX spreads, card interchange, and payment flow fees.