Egyptian Diaspora Sees New Banking Option with Munify

Microsoft and Uber alum Khalid Ashmawy has raised $3M for YC-backed Munify, a neobank designed to provide Egyptians abroad with a faster and cheaper way to send money home and access to US banking. Ashmawy's experience with slow and expensive remittance processes inspired him to launch the startup. Munify aims to address the persistent pain point of cross-border banking, particularly in Egypt, one of the world's largest remittance markets.

Microsoft and Uber alum Khalid Ashmawy has secured $3 million in funding for Munify, a neobank designed to streamline cross-border banking for Egyptians abroad. The funding round, led by Y Combinator, aims to address the persistent pain point of slow and expensive remittance processes, particularly in Egypt, one of the world's largest remittance markets [1].

Munify, which launched in the summer of 2025, offers a cross-border neobank solution that enables users to instantly open a USD account, receive a virtual card, and send money home at the best rates, all from a single app. Ashmawy, who previously founded Huspy and led engineering teams at Microsoft and Uber, was inspired to launch Munify after experiencing the challenges of slow and expensive remittance processes firsthand [1].

The neobank's funding round follows a strong year for Y Combinator-backed startups, with notable success stories such as Bluejay, an AI agent-testing startup that raised $4 million in seed funding [2]. Bluejay's cofounders, Rohan Vasishth and Faraz Siddiqi, exited Amazon and Microsoft, respectively, to pursue their startup ambitions, highlighting the growing trend of tech professionals leaving established companies to launch their own ventures.

The funding for Munify comes at a time of economic growth and resilience for Egypt. In July, Egypt recorded its highest level of dollar resources in history, amounting to approximately $8.5 billion, reflecting the improved performance of the country’s economic indicators. The prime minister of Egypt, Mostafa Madbouly, attributed the surge in remittances to the stability and strength of the Egyptian economy [3].

As Munify continues to develop its neobank solution, it aims to capitalize on the growing demand for cross-border banking services and the increasing confidence of Egyptians abroad in the stability of the Egyptian economy. With a strong foundation and experienced leadership, Munify is well-positioned to disrupt the traditional remittance market and offer a faster and cheaper way to send money home for Egyptians abroad.

References:
[1] https://www.ycombinator.com/companies/munify
[2] https://www.businessinsider.com/bluejay-ai-startup-amazon-microsoft-y-combinator-2025-8
[3] https://www.arabnews.com/node/2613292/business-economy