Munify (YC S25) has raised $3M in seed funding to build a cross-border neobank for Egyptians abroad.
The startup, founded by former Microsoft and Uber engineer Khalid Ashmawy, gives migrants a faster, cheaper way to send money home while also offering residents access to U.S. banking.
Khalid, who previously co-founded proptech unicorn Huspy, started Munify after years of frustration with slow, expensive wire transfers. Egypt is one of the world’s largest remittance markets, with nearly $30B annually.
Munify serves Egyptians in the U.S., U.K., Europe, and the Gulf, letting them send money instantly at better rates. It also helps freelancers and businesses in the region open U.S. accounts and cards using just a local ID, shielding them from currency volatility.
Launched in 2024, the platform is already seeing thousands of sign-ups and has signed contracts representing more than $50M in monthly cross-border volume. The company plans to expand beyond Egypt to other Middle Eastern markets, stitching together banking rails across the region.
Earlier this year, the startup joined Y Combinator’s Summer 2025 batch, a rare entrant from outside the U.S. and one of the few without a core AI pitch in a class dominated by generative AI startups.