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Khalid Ashmawy recalls his struggles with sending money back home to Cairo while studying in Europe. Despite working at major tech companies in the U.S. and founding a startup, the process remained slow and expensive. This led him to create Munify, a neobank focused on providing Egyptians abroad with a faster and more affordable way to send money home.
Joining Y Combinator’s Summer 2025 batch earlier this year, Munify raised $3 million in seed funding and aims to revolutionize cross-border banking for Egyptians. The platform not only facilitates instant money transfers but also allows Middle Eastern businesses, remote workers, and freelancers to open U.S. bank accounts using local IDs.
By directly connecting banking systems across different countries, Munify differentiates itself in the market. The startup has already garnered thousands of sign-ups within its first two weeks of launch, with plans to expand beyond Egypt to other Middle Eastern countries. Its revenue model relies on FX spreads, interchange, and payment flows.
With a strong focus on solving urgent financial infrastructure issues, Munify’s success in gaining Y Combinator’s support reflects the accelerator’s history of investing in startups addressing entrenched pain points in global finance. Ashmawy’s background in tech giants and proptech further solidifies Munify’s position as a promising player in the fintech space.
