Summary:
Khalid Ashmawy, a Microsoft and Uber alum, raised $3 million for Munify, a neobank targeting the Egyptian diaspora.
Munify joined Y Combinator's Summer 2025 batch and aims to provide faster, cheaper remittances compared to traditional methods.
Inspired by personal pain points, the startup addresses Egypt's $30 billion annual remittance market with digital solutions.
Ashmawy's background includes roles at top tech companies and founding Huspy, a proptech startup in the Middle East.
The funding round included investors like BYLD and DCG, positioning Munify to compete with emerging digital remittance platforms.
The Painful Reality of Sending Money Home
Khalid Ashmawy recalls his first experience wiring money while studying in Europe. After receiving his monthly stipend in Stuttgart, he wanted to send part of it to his family in Cairo. The process was slow and expensive—a $400 transfer could cost $40 in fees and take three business days to arrive.
Years later, while working at Microsoft and Uber in the U.S., and even after founding a startup, the issue persisted. This ongoing frustration inspired Ashmawy to launch Munify, a cross-border neobank designed to provide Egyptians abroad with a faster, cheaper way to send money home, and offer residents in Egypt access to U.S. banking services.
Joining Y Combinator and Securing Funding
Earlier this year, Munify was accepted into Y Combinator's Summer 2025 batch, standing out as a rare non-U.S. entrant and one of the few without a core AI focus in a class dominated by generative AI startups. The company also raised $3 million in seed funding from Y Combinator and other regional investors, including BYLD and DCG.
Ashmawy explained, "Banking wasn't built for people like me. It's very costly, takes a long time, and is fragmented. It's a problem I have personally experienced and one that resonates with a lot of people who want to send money back home quickly and efficiently."
From Egypt to Global Tech Hubs
Growing up in Egypt, Ashmawy developed a passion for software and computer science. A scholarship took him to Europe, where he earned two master's degrees in Germany and Switzerland. He then spent seven years as an engineer and team leader at Microsoft and Uber, gaining insights into disruptive technologies and startups.
In 2019, he left Uber to launch Huspy, a proptech platform focused on mortgages in the Middle East, backed by Founders Fund, and served as its chief technology officer until 2022. After leaving Huspy, he reflected on his immigrant journey, and the remittance problem came back into focus.
The Growing Remittance Market
Egypt is one of the world's largest remittance markets, receiving nearly $30 billion in inflows annually. While traditional options like bank wires, Western Union, and MoneyGram dominate, Munify aims to be a top choice among digital banks offering cheaper and faster transfers. Similar platforms, such as Nigeria's LemFi and India's Aspora, are already gaining traction in other markets.
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