Munify

What do they actually do

Munify is a mobile cross‑border banking app that lets users open a USD account, get virtual USD cards, receive international payments, and send money abroad. The consumer app is live on iOS and Android today Munify site, App Store.

For businesses, Munify provides developer APIs for cross‑border pay‑ins and payouts, with documentation and endpoints for initiating transfers, checking balances, and webhooks Munify docs. Early consumer focus is Egyptians living abroad who need to hold, spend, and move USD, while the B2B side targets platforms that need cross‑border payment infrastructure TechCrunch.

Who are their target customer(s)

• Egyptian freelancers and remote workers abroad: Difficulty receiving USD into local accounts, poor FX rates/high fees, and lack of easy USD cards for online spending Munify site, App Store, TechCrunch.
• Egyptian expatriates and migrant workers sending remittances home: Slow transfers, high and opaque fees/margins, and unreliable settlement to Egypt Munify site, TechCrunch.
• SMBs/marketplaces/payroll providers running cross‑border payouts into MENA: Multiple integrations, compliance and settlement complexity, and cost/latency from legacy remittance networks Munify docs.
• Digital‑first teams and finance managers needing virtual USD cards/issuing: Limited card‑issuing options, manual expense tracking, and FX complications for subscriptions and online purchases Munify site, Munify docs.
• Growing fintechs/platforms wanting to embed cross‑border pay‑ins/payouts: Reliance on intermediaries raises costs and slows settlement; building direct rails is technically and legally heavy TechCrunch.

How would they acquire their first 10, 50, and 100 customers

• First 10: High‑touch onboarding from founder networks and diaspora freelancer groups; concierge KYC and fee discounts to remove friction, using the live app and instant virtual USD cards as the hook Munify site, App Store.
• First 50: Targeted outreach in diaspora WhatsApp/Facebook groups and freelancer communities with referrals; close 1–2 developer‑friendly pilot integrations so platforms bring cohorts via the API Munify docs.
• First 100: Add pay‑ins/invoicing and stronger card features as product hooks; sign distribution partnerships with diaspora orgs/fintechs/remittance agents and support self‑serve API onboarding with SLAs Munify site, Munify docs.

What is the rough total addressable market

Top-down context:

Egypt is consistently among the top remittance destinations; inflows fell to $19.5B in 2023 amid FX pressures but are forecast to recover in 2024–2025 World Bank KNOMAD Brief 40. Roughly 3.6 million Egyptians live abroad across GCC, Europe, and the U.S., forming the core cross‑border user base World Bank blog.

Bottom-up calculation:

If Munify captures 300,000 active diaspora users (a subset of the ~3.6M abroad) each moving $3,000/year, that implies ~$0.9B annual flow. At a 1.0% blended take rate (FX, fees, interchange), that’s ~$9M annualized gross revenue potential World Bank blog.

Assumptions:

• Reachable early‑adopter share of diaspora: ~300k users within priority corridors.
• Average annual throughput per active user: ~$3k in remittances/card spend via Munify.
• Blended monetization: ~1.0% across FX spread, fees, and interchange.

Who are some of their notable competitors

• Wise: Global multi‑currency accounts with cards and money transfers; strong consumer foothold in USD/EUR corridors overlapping Munify’s target users.
• Payoneer: USD receiving accounts and payout infrastructure for freelancers/marketplaces; direct overlap with freelancer inflows and business payouts.
• Revolut: Multi‑currency accounts and cards for consumers and businesses; competes on FX pricing and card features for international spend.
• Nium: B2B cross‑border payments infrastructure and card issuing; competes on enterprise payouts and embedded finance rails.
• Thunes: Cross‑border payments network focused on pay‑ins/payouts to emerging markets; overlaps with infrastructure for faster regional settlement.