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Egyptian fintech startup Munify has successfully closed a $3 million seed funding round, spearheaded by the Silicon Valley accelerator Y Combinator, with backing from BYLD and Digital Currency Group (DCG).
The raise arrives concurrent with Munify’s recent graduation from YC’s Summer 2025 cohort.
Under the leadership of founder Khalid Ashmawy, Munify, established in 2024, plans to build a cross-border digital banking platform customized for Egyptians living overseas.
The platform offers an appealing suite of services: near-instant, low-cost remittances to Egypt; remote opening of U.S. bank accounts; debit card issuance; plus FX tools designed to shield users from fluctuations in the Egyptian pound.
Currently, Munify is operational in markets including the U.S., U.K., Europe, and the Gulf Cooperation Council (GCC) — targeting freelancers, SMEs, and the Egyptian diaspora who traditionally endure steep remittance fees and slow transaction processing.
The newly secured funds are earmarked for expanding Munify’s engineering and compliance teams, deepening regulatory and banking partnerships, and unlocking entry into additional territories.
Khalid Ashmawy emphasized the importance of remittances:
“Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” he remarked.
“We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
CityBlue Hotels, a leading African hospitality chain, has announced a strategic investment in Farm to Feed, a B2B platform tackling food waste in Sub-Saharan Africa.
Yellow Card, a leading fintech company in Africa, has raised $33 million in a Series C funding round aimed at enhancing its operations and driving expansion across the continent.
Incofin Investment Management, through the Nutritious Food Financing Facility (N3F) and in partnership with the Global Alliance for Improved Nutrition (GAIN), has invested in three food companies in East Africa: Soy Afric in Kenya, and Mkuza Chicks and Rainbow Haulage in Tanzania, to boost nutrition and food security in the region.
