- Munify Announces Closure of Seed Round to Support Money Transfers
- Munify Plans Regional Expansion Following Growth in the U.S. and Europe
Egypt-based fintech startup Munify has announced the successful closure of its $3 million Seed funding round, with participation from Y Combinator and a group of regional investors, including BYLD and DCG.
Munify’s Services
Munify caters to Egyptians living abroad, as well as freelancers and remote workers, by offering low-cost money transfers and enabling them to open U.S. bank accounts using only their local ID.
The platform helps safeguard users’ savings against foreign exchange fluctuations, providing a secure way to protect their funds.
Market Presence
The platform currently serves Egyptians across the United States, Europe, the United Kingdom, and the Gulf region, with plans to further expand into new regional markets.
Expansion Plans
Munify aims to build an interconnected banking network tailored for both individuals and businesses. The company generates revenue through foreign exchange spreads, payment flows, and transaction fees.
In addition, Munify is focused on addressing key challenges in emerging markets, particularly the reliance on remittances. According to data from the Central Bank of Egypt, remittances from Egyptians abroad reached $26.4 billion between July and March of the last fiscal year.
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