Munify has raised $3 million in seed funding to build a cross-border neobank that serves both the Egyptian diaspora sending money home and local freelancers and businesses seeking access to U.S. banking. The round, according to TechCrunch, was led by Y Combinator, with participation from regional investors including BYLD and DCG.The fintech was founded in 2024 by Khalid Ashmawy, the co-founder and former CTO of one of the region’s leading proptech Huspy. It addresses cross-border payment challenges from both directions. The platform launched just two weeks ago and has already attracted thousands of sign-ups through word of mouth, according to the company.Munify operates on a dual consumer and business model targeting two distinct but connected markets. For Egyptians abroad; primarily in the U.S., U.K., Europe, and the Gulf, the platform offers faster, cheaper remittances home. For businesses, remote workers, and freelancers in Egypt and the broader Middle East, it provides access to U.S. bank accounts using only a local ID, eliminating traditional residency requirements.According to the company’s website, users can “get a U.S. account without residency” and access “real-time transfers to multi-currency accounts” that allow them to “move money across the world, securely, instantly, and at scale.”The platform enables users to hold and manage multiple currencies in one place, swapping between them instantly to avoid conversion fees and hedge against local currency volatility.The startup’s multi-currency account system currently supports USD, with EUR and GBP accounts coming soon. Users receive unique bank details for each currency, enabling seamless deposits and international payments. The platform also offers unlimited virtual USD cards for online and in-store spending globally, with customizable spending limits and real-time transaction tracking.Upcoming features include professional invoicing capabilities that will allow users to “easily send professional invoices to your contacts and get paid directly into your account,” with support for product catalogues, custom branding, multiple payment methods, and multi-currency invoices. The platform will also introduce payment request functionality, enabling users to “easily request payments from anyone” through shareable links.The startup differentiates itself by building proprietary infrastructure that directly connects banking systems across countries, rather than relying on existing rails. “The main reason why we’re different is that we’re building our own rails and directly connecting the banking systems across different countries,” Ashmawy explained to TechCrunch.Egypt represents one of the world’s largest remittance markets, receiving nearly $30 billion in annual inflows. The platform currently supports six major currencies: USD, EUR, GBP, AED, INR, and EGP, positioning it to serve not just Egyptian flows but broader regional corridors.On the enterprise side, Munify has signed contracts with mid-sized companies representing a projected $50+ million in monthly cross-border volume. The company offers APIs for businesses to handle payouts, pay-ins, and card issuance, with what it describes as “lightning-fast, reliable infrastructure” designed for scalability.AuthorRecent Posts Post Views: 2,788