Microsoft and Uber Alum Raises $3M for YC-backed Munify

STARTUP VENTURE CAPITALSeptember 3, 2025 at 12:59 PM UTC

TLDR

Munify, a cross-border neobank founded by Egyptian entrepreneur Khalid Ashmawy, has joined Y Combinator’s Summer 2025 batch and raised $3 million
The startup, headquartered in the U.S., offers Egyptians abroad faster and cheaper ways to send money home
The platform has already signed contracts with companies representing more than $50 million in projected monthly cross-border volume

Munify, a cross-border neobank founded by Egyptian entrepreneur Khalid Ashmawy, has joined Y Combinator’s Summer 2025 batch and raised $3 million in seed funding to target Egypt’s $30 billion remittance market.

The startup, headquartered in the U.S., offers Egyptians abroad faster and cheaper ways to send money home while giving residents in the Middle East access to U.S. banking services. Ashmawy, a former Microsoft and Uber engineer who co-founded proptech platform Huspy, said the idea stemmed from his own experience with costly, slow wire transfers.

Munify is building its own payment rails to directly link banking systems across countries, enabling instant cross-border transfers. Beyond consumers, it offers businesses and freelancers U.S. bank accounts and cards using only local IDs to receive payments and hedge against local currency volatility.

Ashmawy said the platform has already signed contracts with companies representing more than $50 million in projected monthly cross-border volume. Munify generates revenue from FX spreads, interchange, and payment flows.

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Key Takeaways

Munify’s entry into Y Combinator signals a rising global investor interest in remittances, one of the most entrenched challenges in emerging markets. Egypt is the fifth-largest recipient of remittances worldwide, and inflows play a critical role in stabilizing its economy. Yet most transactions remain dominated by expensive wire transfers and legacy players such as Western Union and MoneyGram. By positioning itself as a digital-first alternative, Munify joins peers like Nigeria’s LemFi and India’s Aspora in reimagining migrant banking. Its consumer offering reaches millions of Egyptians abroad, while its business-facing APIs provide enterprises with new tools for cross-border payments. If Munify executes its strategy, it could reduce reliance on dollar remittances moving through informal channels, increase transparency, and offer better FX pricing. More broadly, the startup highlights how fintech infrastructure can gain traction at Y Combinator even in AI-heavy cohorts, echoing earlier YC bets on Stripe and Coinbase.

Venture Capital

Munify

Cross Border Payments

Remittances

Fintech

Egypt