Munify, a cross-border neobank for the Egyptian diaspora in the United States, has secured USD 3 million in seed funding.

Designed to provide faster and more cost-effective remittance services to Egyptians living abroad, especially those in the UK, the US, Europe, and the Gulf, Munify aims to revolutionize the way money is sent home. This investment was backed by notable firms such as BYLD and DCG.

Enhancing Remittance Services

Launched just two weeks ago, Munify has seen a surge in user sign-ups, with thousands now on its platform, according to TechCrunch reports. By building its own connectivity infrastructure to directly link banking systems across various countries, the neobank ensures that users can send and receive funds efficiently.

Moreover, Munify offers businesses, remote workers, and freelancers in the Middle East a straightforward way to open US-based bank accounts or create cards using only their local identification documents. This feature allows them to manage their finances securely without worrying about currency fluctuations.

Beyond its consumer offerings, Munify operates on a dual model, providing both remittance services and banking facilities while also supplying APIs for businesses seeking to facilitate cross-border transactions. It has already secured contracts with mid-sized enterprises, promising USD 50 million in monthly cross-border volume.

Plans are in place for Munify to expand its operations beyond Egypt into other Middle Eastern countries, gradually integrating more regional banks into its network.