Khalid Ashmawy’s Mission to Revolutionize Cross-Border Banking for Egyptians
When Khalid Ashmawy first wired money home while studying in Europe, he was struck by the slow and expensive process. As a master’s student in Stuttgart, sending $400 back to his family in Cairo could cost $40 in fees and take three business days to arrive.
Years later, after working at Microsoft and Uber in the U.S. and founding a startup, Ashmawy still faced the same challenges. This experience led him to launch Munify, a cross-border neobank aimed at providing Egyptians abroad with a faster and more affordable way to send money home, while also offering residents in Egypt access to U.S. banking services.
In a rare move, Munify was selected to join Y Combinator’s Summer 2025 batch, securing $3 million in seed funding from the accelerator and other investors. Ashmawy’s personal experience with the inefficiencies of traditional banking systems fueled his drive to create a solution that resonates with many others facing similar challenges.
From Engineer to Entrepreneur
Originally from Egypt, Ashmawy pursued his passion for software development in Europe, earning two master’s degrees in Germany and Switzerland. His professional journey included roles at tech giants like Microsoft and Uber, where he honed his skills in disruptive technologies and startup culture.
After leaving Uber, Ashmawy founded Huspy, a proptech platform focused on mortgages in the Middle East. However, it was his reflections on his immigrant experience and the persistent issue of remittances that ultimately led to the creation of Munify.
Addressing a Growing Need
Egypt is a significant remittance market, receiving billions of dollars in inflows annually. While traditional options like bank wires and remittance platforms exist, Munify aims to offer a faster and more cost-effective alternative for Egyptians abroad.
By building its own banking infrastructure and connecting systems across countries, Munify allows users to send money instantly at competitive rates. The platform also caters to businesses, remote workers, and freelancers in the Middle East, offering them the ability to open a U.S. bank account using only a local ID.
Expanding Horizons
Munify’s dual consumer and business model positions it as a key player in the cross-border payments space. With plans to expand beyond Egypt to other Middle Eastern countries, the startup is poised to transform regional banking practices and facilitate seamless money transfers.
Despite Y Combinator’s recent focus on AI startups, Munify’s inclusion in the accelerator program underscores the urgency of the problem it aims to solve. As the fintech sector continues to evolve, Ashmawy’s background in tech giants and entrepreneurial ventures positions him as a formidable force in reshaping the future of cross-border banking for Egyptians.
