Egypt: Cross-border digital bank raises $3m
Cairo-based fintech company Munify has raised $3 million in a seed round led by Y Combinator.
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Cairo-based fintech company Munify has raised $3 million in a seed round led by Y Combinator, with participation from BYLD and Digital Currency Group, alongside other strategic investors.
Founded in 2024 by Khalid Ashmawy, Munify is building a cross-border digital bank tailored to Egyptians abroad. Its platform offers instant, low-cost remittances to Egypt, the ability to open US bank accounts, issue debit cards, and tools to hedge against local currency volatility.
Munify’s services are already available in the US, UK, Europe, and the GCC, targeting freelancers, SMEs, and Egyptians living overseas who face high remittance fees and delays in settlement.
“Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” said Ashmawy. “We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
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