Munify Raises $3M to Disrupt Remittances in Egypt & MENA

Khalid Ashmawy, Munify Founder

Munify, a cross-border neobank, has successfully raised $3 million in seed funding. This investment round was led by the prestigious Silicon Valley accelerator Y Combinator, as part of Munify’s inclusion in its Summer 2025 batch. Other notable investors who participated in the round include regional firms BYLD and DCG.

The primary purpose of this investment is to empower Munify to build and scale its proprietary financial infrastructure. The funds are intended to fuel the company’s mission of creating new, efficient financial “rails” that directly connect the banking systems of different countries. This will begin with a focus on the U.S.-Egypt corridor before expanding to other markets in the Middle East and adjacent regions. The capital will be crucial for product development, user acquisition, and operational scaling to support its ambitious growth targets.

Why The Investors Invested

Investors backed Munify with a significant seed round for several compelling, fact-based reasons that point to a high-growth venture.

A primary driver for the investment is the massive and underserved market Munify is targeting. Egypt is one of the world’s largest remittance markets, with annual inflows approaching $30 billion. The existing solutions for sending money are notoriously slow, expensive, and fragmented, creating a significant and urgent pain point for millions. Investors recognized this as a multi-billion dollar opportunity ripe for disruption by a technologically superior and user-centric platform.

The caliber of the founder, Khalid Ashmawy, provided a strong vote of confidence. Investors are often backing the team as much as the idea, and Ashmawy’s background is exceptional. His technical expertise was honed during seven years in engineering and leadership roles at global tech giants Microsoft and Uber. Critically, he also possesses proven entrepreneurial experience as the co-founder and CTO of Huspy, a successful proptech company in the Middle East backed by Peter Thiel’s Founders Fund. This unique combination of big-tech experience and regional startup success, along with his deep personal connection to the problem, signals a founder with the vision and capability to execute.

Munify also presented a differentiated product with undeniable early traction. The startup isn’t simply another app built on existing payment systems; its strategy is to build its own financial rails for direct bank-to-bank connections, promising superior speed and cost savings. This technical advantage was validated by immediate market adoption. Shortly after its launch, Munify attracted thousands of users through word-of-mouth. More impressively, it secured B2B contracts projected to handle over $50 million in monthly cross-border volume, providing investors with tangible proof of product-market fit and a clear path to significant revenue.

Source: Launch Base Africa