Khalid Ashmawy, a former Microsoft and Uber employee, launched Munify, a neobank for Egyptians abroad. The startup raised $3 million in seed funding and joined Y Combinator’s 2025 batch. Egypt receives $30 billion in remittances annually, making Munify’s faster, cheaper transfers a competitive option in the market.

Munify targets Egyptians in the U.S., U.K., Europe, and the Gulf for instant, cost-effective money transfers. The platform also offers businesses and freelancers in the Middle East a way to open U.S. bank accounts using local IDs. Munify’s unique approach of building direct banking connections across countries has led to early adoption and contracts with mid-sized companies.

With a dual consumer and business model, Munify plans to expand beyond Egypt to other Middle Eastern countries. Revenue comes from FX spreads and payment flows. Y Combinator’s interest in Munify stems from the urgent problem of remittances, aligning with the accelerator’s history of investing in startups addressing financial infrastructure challenges.

Read more at Yahoo Finance.: Microsoft and Uber alum raises $3M for YC-backed Munify, a neobank for the Egyptian diaspora