Khalid Ashmawy, a former engineer at Microsoft and Uber, is the founder of Munify. Their latest neobank will allow Egyptians living outside of the country to transfer funds more swiftly and at lower costs than traditional remittance services using a mobile app. The company recently gained attention after joining Y Combinator’s Summer 2025 batch, a notable achievement for a startup outside the United States. Munify has now raised close to $3 million in funding. This puts them on the cusp of changing the remittance game, as Egypt last year already received nearly $30 billion a year in inflows.
Ashmawy’s foray into the realm of fintech started with his own story as a master’s student in Stuttgart, Germany. He remembers how hard it was for him to wire money home on his first day. For example, sending a $400 wire transfer might cost $40 in fees. On top of that, it might take three business days max for the transfer to even land. It was this experience that inspired him to come up with a simpler solution that would make it easier for people like him.
After seven years at Microsoft and Uber, Ashmawy gained experience as an engineering team lead and technical engineer. Having taken the bold step of leaving Uber to pursue his passion for technology in the Middle East, Mr. Prior to joining Munify, he served as the chief technology officer of Huspy, a property technology platform that specializes in mortgages. His extensive experience in software development, passion for building the best tools possible, and forward-thinking vision have all driven Munify’s mission from the start.
As such, Munify serves the Egyptians who have made their homes in the United States, United Kingdom, Europe, and Gulf areas. With their cellphone they can send money home instantly and at competitive rates. It’s why the neobank is determined to make cross-border payments less complex. It further provides businesses, remote workers, and freelancers from the Middle East a gateway to the U.S. banking system. To get started, users can open an account and receive their card entirely outside a branch with only a local ID. That simplicity allows them to accept and direct their money more easily.
It’s clear they’ve built their startup on deep partnerships with the smart, innovative tech-oriented mid-sized firms and enterprises. It recently raised its forecast of monthly cross-border volume to more than $50 million! Furthermore, Munify provides advanced APIs for FinTech and corporates wanting to send and receive cross-border payments in a seamless, easy manner.
As he puts it, finding effective solutions that serve everyone means prioritizing big-picture issues that are immediate and pressing.
“Banking wasn’t built for people like me. It’s very costly, takes a long time, and is fragmented,” – Khalid Ashmawy
Munify’s new, innovative model directly plans to do just that, by building their own banking rails, directly connecting banking systems across different countries.
“If you’re solving a big and urgent problem, that’s what really matters, regardless of whether the current wave is AI or something else,” – Khalid Ashmawy
Munify is currently preparing to take its services beyond Egypt into other Middle Eastern nations. The tech company is committed to doing the best they can to bit by bit AMD the regional banking ecosystem. This expansion will allow even more users to take advantage of its services, furthering the financial inclusion that it stands for.
“The main reason why we’re different is that we’re building our own rails and directly connecting the banking systems across different countries,” – Khalid Ashmawy
Khalid Ashmawy’s rich background is deeply connected to his vision for Munify. Born in Egypt, his love for software was ignited early on. That passion propelled him to pursue two master’s degrees in Germany and Switzerland. His educational experience taught him how to walk the intersection of technology and finance.
Through innovative partnerships, Munify is passionate about making the remittance process easier and more affordable. Its aim is to alleviate the burdens that Egyptians living abroad deal with through conventional banking channels. By utilizing new technology to provide a more efficient and effective process, Ashmawy wants to set up both people and businesses for success.
With its focus on improving the remittance process, Munify aims to alleviate the burdens associated with traditional banking methods for Egyptians abroad. By harnessing technology to create a more streamlined experience, Ashmawy hopes to empower individuals and businesses alike.
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