Munify, a cross-border neobank for the Egyptian diaspora in the US, has raised USD 3 million in seed funding.
Munify is a startup designed to offer Egyptians abroad a faster and cheaper way to send money home and, for residents in the US, to access banking. The funding round was supported by investors such as BYLD and DCG.
Improved remittance solutions
Earlier this year, the neobank joined Y Combinator’s Summer 2025 batch, an entrant from outside the US and one of the few without a core AI platform. Y Combinator’s batches have favoured AI and developer tools from the US, but Munify qualified as it solved a real and urgent problem.
As Egypt is one of the world’s largest remittance markets, receiving almost USD 30 billion in inflows every year, Munify aims to help the country’s citizens from abroad, specifically those who live in the UK, the US, Europe, and the Gulf, enabling them to send money home instantly and at better rates.
Munify also provides businesses, remote workers, and freelancers in the Middle East with a way to open a bank account in the US or create cards using only their local ID to receive and spend funds as they please. They can also feel safe regarding local currency volatility.
The platform, which launched two weeks ago, is seeing significant adoption, having thousands of sign-ups, according to TechCrunch. The company wanted to tailor this experience for individuals from the region, and this is why it built its own rails that directly connect the banking systems across different countries. IT additionally signed contracts with mid-sized enterprises, representing an expected USD 50 million in monthly cross-border volume.
The neobank operates on a dual consumer and business model, offering remittance and banking services while delivering APIs for businesses to send and receive cross-border payments. It plans to expand beyond Egypt to other countries in the Middle East, gradually connecting more regional banks.
