Munify recently received $3 million in initial funding to create a cross-border digital bank designed explicitly for Egyptians who reside abroad. In 2024, Khalid Ashmawy established a fintech venture to address the costly and time-consuming process of sending money back home.
Additionally, the company provides U.S. banking services to Egyptian users without needing residency. Y Combinator led the funding round, attracting investors such as BYLD and DCG. Munify has attracted thousands of users through word-of-mouth expansion since its inception just a few weeks ago.
Fast, cost-effective remittance services for Egyptians abroad
Many Egyptians working abroad, especially in the U.S., U.K., Europe, and the Gulf, endure significant remittance costs and delays. By eliminating intermediaries, Munify provides quick, low-cost transfers to address these issues.
Entrepreneur Khalid Ashmawy suffered this while a European student, stating, “Banking wasn’t built for people like me. It’s costly, takes a long time, and is fragmented.” With Munify, users can send money securely and quickly to Egypt, saving time and money compared to conventional remittance options.
U.S. banking access for freelancers and businesses in Egypt
Munify also provides access to U.S. bank accounts for freelancers, remote labourers, and businesses in Egypt, requiring only a local Egyptian ID.
This innovation eliminates the conventional residency restrictions and provides virtual debit cards for effortless online purchasing or spending.
Users can easily hold and handle different currencies with multi-currency accounts that allow real-time transfers worldwide. The platform has two models: one for people and one for businesses.
It also has APIs that easily send large amounts of money across borders. Munify already plans to handle more than $50 million every month.
Building a new financial Infrastructure
Unlike many fintechs that build on existing payment providers, Munify is developing its own banking infrastructure. The company directly connects banking systems across countries, guaranteeing faster processing and lower fees.
Ashmawy emphasised, “The key reason we’re different is that we’re building our own rails and connecting directly with banking systems across different countries.”
Munify intends to expand its services to the Middle East and adjacent regions, commencing with the U.S.-Egypt corridor. The startup’s innovative approach has garnered significant investor confidence and is expected to usher in a new era of cross-border banking for Egyptians worldwide.