Egyptian fintech 'Munify' raises $3 million in seed funding

Egypt-based blockchain fintech firm Munify said on the 7th that it had raised $3 million (about KRW 4 billion) in seed funding.

The funding round was led by Y Combinator, with investors including Digital Currency Group (DCG).

Munify provides services to Egyptian nationals and small and medium-sized enterprises in the GCC (Gulf Cooperation Council) region, including low-cost, real-time remittances, opening US bank accounts, issuing payment cards, and issuing stablecoin (a virtual asset pegged to fiat currency)-based cards.

Khalid Ashmawy, Munify's Chief Executive Officer (CEO), said, "Remittances are a core financial lifeline of Egypt's economy, but there are still significant inconveniences due to fees and delays," adding, "We will make it easier and cheaper for Egyptians to access global financial services wherever they are."