Cairo/San Francisco — September 1, 2025 — Munify, a cross-border neobank built for the Egyptian diaspora, has raised $3 million in seed funding from Y Combinator, BYLD, and DCG. The startup, founded by Khalid Ashmawy, a former Microsoft and Uber engineer and co-founder of proptech scaleup Huspy, aims to modernize the remittance experience for millions of Egyptians abroad.
Tackling costly, slow remittances
Remittances into Egypt — the fifth-largest remittance market globally with nearly $30 billion in annual inflows — remain slow and expensive. Traditional transfers from the U.S. or Europe can take several days and cost up to 10% in fees. Munify’s platform promises instant, lower-cost money transfers, while also enabling Egyptians and Middle Eastern workers to open U.S. bank accounts and cards using only local IDs.
Unlike traditional providers such as Western Union or MoneyGram, Munify is building its own payment rails, directly linking banking systems across markets. This approach reduces reliance on intermediaries, offering users better exchange rates and faster speeds.
Early traction
Munify launched publicly in August and has already attracted thousands of signups via word of mouth. On the enterprise side, the startup has signed contracts with mid-sized businesses, representing more than $50 million in projected monthly cross-border payment volume.
Revenue streams include FX spreads, interchange fees, and cross-border payment flows.
Founder’s journey
Ashmawy’s personal experience with remittances inspired Munify. As a student in Europe, sending $400 home to Cairo cost him $40 in fees and took three days. Years later, after working at Microsoft, Uber, and co-founding Huspy, the pain point persisted.
“Banking wasn’t built for people like me. It’s costly, slow, and fragmented. We’re building an experience tailored for people from the region who need fast, affordable, and reliable access to financial services,” Ashmawy said.
YC backing and expansion plans
Earlier this year, Munify joined Y Combinator’s Summer 2025 batch, one of the few international entrants outside the U.S. and without an AI focus in a cohort dominated by generative AI startups. The accelerator’s support aligns with its history of backing fintechs tackling hard financial infrastructure problems, including Stripe, Coinbase, LemFi (Nigeria), and Aspora (India).
With its dual focus on consumers and enterprises, Munify plans to expand beyond Egypt to other Middle Eastern and adjacent markets, gradually building regional banking rails to capture a significant share of the $30B remittance opportunity.
