FUNDING | Egyptian Fintech, Munify, Raises $3 Million Seed Round From Blockchain and Crypto Investor, DCG

Munify, the Y Combinator-backed fintech firm, has raised $3 million in seed funding to modernize Egypt’s expansive, high-fee remittance corridor—now valued at $30 billion—by enabling faster, lower-cost cross-border transfers.

The seed round was led by:

• Y Combinator

with participation from:

* BYLD

• Digital Currency Group (DCG)

Noteworthy among the investors is the Digital Currency Group (DCG), a global investment giant specializing in digital assets, blockchain startups, and Web3 technologies. DCG plays a pivotal role in shaping the future of blockchain and crypto adoption globally In 2024, DCG ramped up its activity in Africa with more than half of its African deals being made in 2024 alone.

Egypt’s formal remittances rose to $36.5 billion in fiscal year 2024/2025, a 66.2% year-on-year jump, thanks to pivotal currency reforms and digitization efforts. These developments created fertile ground for fintech solutions like Munify.

Munify offers a two-pronged solution: instant, affordable transfer services for expatriates, paired with U.S. banking access using only a local Egyptian ID – eliminating reliance on informal remittance routes and improving financial inclusion for communities such as rural women.

There are over 10 million Egyptians living abroad – a huge market for Munify and similar neobanks offering remittance solutions back home.

While serving individual customers, Munify also targets enterprise clients through its B2B APIs, projected to manage $50 million in monthly transaction volume – positioning the startup as a foundational infrastructure provider in cross-border payments.

Founder Khalid Ashmawy, armed with an engineering background from Microsoft and Uber and prior proptech experience at Huspy, identified remittance pain points during his studies abroad and set out to build a scalable solution.

The seed financing will also enable Munify to:

• Scale its engineering and compliance teams
• Deepen regulatory and banking partnerships, and
• Support its planned expansion to the Gulf, Europe, and the U.K.

moving it toward the goal of becoming a regional cross-border neobank.

This strategic trajectory taps into the broader MENA remittance economy, worth around $690 billion and showing continued growth potential in 2025.

Startup funding in the Middle East and North Africa reached $2.1 bilion in the first half of 2025 (H1 2025), with 334 deals recorded across the region – a 134% increase YoY.

In Africa,

• Egypt led with $178.9 million across 52 deals
• Morocco came second with $7.7 million raised across 7 deals
• Tunisia came 3rd with $5.4 milion across 8 deals
• Algeria tooth 4th position with $100K across 1 deal

Stay tuned to BitKE updates on Web3 investments in Africa.

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