Egyptian founder Khalid Ashmawy has launched Munify, a cross-border neobank designed to transform how Egyptians abroad send money home and how residents access U.S. banking services. The startup, born from Ashmawy’s personal frustrations with costly and slow remittances, promises faster and cheaper transfers by building its own banking rails. Earlier this year, Munify secured a place in Y Combinator’s Summer 2025 batch and raised $3 million in seed funding led by the accelerator alongside BYLD and DCG.
Founder’s Journey
Ashmawy’s first brush with remittances came while studying in Europe, where sending $400 back to Cairo could cost $40 in fees and take three days. Later, while working at Microsoft and Uber in the U.S., and even after founding a proptech startup, the process remained fragmented and inefficient. This enduring pain point ultimately drove him to focus on solving remittances at scale.
Building a Solution for a Personal Problem
“Banking wasn’t built for people like me,” Ashmawy told TechCrunch, reflecting on his immigrant experience. He described traditional transfers as expensive, time-consuming, and ill-suited to the needs of migrants. Munify is his answer: a digital-first banking platform tailored for Egyptians abroad and, increasingly, for regional businesses seeking seamless cross-border finance.
Early Career and Entrepreneurial Roots
Raised in Egypt, Ashmawy studied computer science before earning two master’s degrees in Germany and Switzerland. He later spent seven years in engineering and leadership roles at Microsoft and Uber, gaining firsthand exposure to disruptive technology models. In 2019, he co-founded Huspy, a Founders Fund-backed mortgage startup in the Middle East, where he served as CTO until 2022.
Lessons From Past Ventures
Leaving Huspy allowed Ashmawy to reflect on systemic problems facing migrants like himself. With Egypt ranking among the world’s largest remittance markets, drawing nearly $30 billion annually, the inefficiencies in cross-border payments represented both a challenge and a massive opportunity. Inspired by regional peers such as Nigeria’s LemFi and India’s Aspora, he set out to build a solution tailored to Egypt and the wider Middle East.
Munify’s Value Proposition
Munify targets Egyptians abroad—particularly in the U.S., U.K., Europe, and Gulf states—who want to send money home instantly at competitive rates. The platform also provides local businesses, freelancers, and remote workers with access to U.S. bank accounts and cards using only a local ID. This feature allows users to hedge against currency volatility while facilitating smoother international transactions.
Differentiating Through Infrastructure
Ashmawy argues that Munify’s edge lies in its decision to build proprietary banking rails. “We’re directly connecting the banking systems across different countries,” he said, emphasizing speed and reliability. Since its launch just weeks ago, Munify has attracted thousands of users through word-of-mouth referrals.
Business Adoption and Revenue Model
On the enterprise side, Munify has signed contracts with mid-sized companies and expects to process $50+ million in monthly cross-border volume. Its business model blends consumer-facing remittance services with APIs that enable enterprises to send and receive payments across borders. Revenue streams come from FX spreads, interchange fees, and payment flows.
YC Backing and Market Validation
Munify’s acceptance into Y Combinator is notable in a year dominated by AI startups. Ashmawy credits the urgency of the problem as the reason YC backed a fintech in this cohort. The accelerator’s track record of investing in financial infrastructure—backing Stripe, Coinbase, and remittance startups like LemFi—suggests strong alignment with Munify’s mission.
Strategic Expansion Plans
The startup intends to use its seed funding to expand beyond Egypt into other Middle Eastern and adjacent markets. The vision is to stitch together fragmented banking rails and create a unified, accessible financial infrastructure for the region. By focusing on affordability, speed, and trust, Munify hopes to become the default platform for remittances and cross-border banking.
Munify’s story combines personal struggle, global experience, and entrepreneurial resilience. With strong backing from Y Combinator and regional investors, the startup is well-positioned to reshape how Egyptians—and eventually millions across the Middle East—send and receive money. If successful, Munify could emerge as one of the region’s most influential fintechs in redefining remittances for the digital age.