Munify Secures $3M To Redefine Banking For Egyptians Abroad
Munify, a neobank founded by former Microsoft and Uber engineer Khalid Ashmawy, is transforming how Egyptians abroad manage cross-border transactions. The startup recently raised $3 million in seed funding after joining Y Combinator’s Summer 2025 batch. Designed to address the persistent challenges of costly and slow remittances, Munify offers a faster and more affordable solution for Egyptians sending money home and for residents accessing U.S. banking services.
Image Credits:Munify
Munify’s Mission To Solve Remittance Challenges
Sending money internationally has long been an expensive and time-consuming process for Egyptian migrants. Traditional wire transfers often come with high fees and delays that can stretch over several business days. Having personally faced these struggles as a student and professional abroad, Ashmawy built Munify to eliminate such inefficiencies. The platform ensures quicker, cheaper, and more reliable transfers while bridging financial access between Egyptians overseas and those at home.
The Founder’s Journey From Tech Giant To Fintech Innovator
Ashmawy’s path to launching Munify reflects a blend of global education and industry experience. After earning two master’s degrees in Europe, he worked at Microsoft and Uber, where he gained deep exposure to disruptive technology and innovation. Later, as co-founder and CTO of Huspy, a Middle Eastern proptech company, he sharpened his expertise in building scalable startups. These experiences ultimately fueled his vision to establish Munify and solve the financial challenges he once faced personally.
Why Munify Matters For The Egyptian Diaspora
Egypt is one of the world’s largest remittance markets, with nearly $30 billion sent home each year. Munify taps into this massive demand by offering a trusted digital banking platform tailored to the needs of Egyptians abroad. Unlike traditional financial services, Munify focuses on accessibility, speed, and affordability, making it a vital solution for both migrants and their families. With strong investor backing and entry into Y Combinator, the startup is positioned to redefine how global remittances work for millions of Egyptians.
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