Munify raised $3Million: Ex-Microsoft & Uber Engineer Just Landed $3M to Fix Cross-Border Banking Forever

Munify, the Y Combinator-backed fintech that’s about to completely revolutionize cross-border banking, just secured $3 million in seed funding! And when I tell you the story behind this Y Combinator startup, you’re going to understand why investors are throwing money at it like it’s the next big thing.

We’re talking about a founder who lived the pain firsthand, built solutions at Microsoft and Uber, and now he’s taking on the entire remittance industry. This isn’t just another fintech story – this is personal!

Y Combinator-Backed Munify Raises $3M to Revolutionize Cross-Border Banking

Munify just closed a $3 million seed round led by Y Combinator alongside regional investors BYLD and DCG. What makes this incredible? They’re one of the rare non-US entrants and among the few without an AI pitch in YC’s AI-dominated 2025 batch. Egypt receives nearly $30 billion in remittance inflows annually – that’s massive market opportunity! Y Combinator’s decision to back a cross-border banking solution shows serious conviction in fixing this broken system.

Munify Aims to Eliminate High Remittance Fees for the Egyptian Diaspora

Munify addresses the exact pain point millions face: expensive, slow remittances. A $400 wire transfer costs $40 in fees and takes three business days – that’s 10% just to send your own money home! The platform specifically targets Egyptians abroad in the U.S., U.K., Europe, and Gulf who need instant, affordable money transfers. While Western Union and MoneyGram dominate with high fees, Munify promises faster, cheaper alternatives for the Egyptian diaspora.

Founder- Founded by Ex-Microsoft and Uber Engineer Khalid Ashmawy

Khalid Ashmawy spent seven years as an engineer and team leader at Microsoft and Uber, but his journey started with personal frustration. As a master’s student in Stuttgart, he experienced firsthand the pain of expensive, slow money transfers home to Cairo. After leaving Uber in 2019, he founded Huspy, a Founders Fund and Sequoia-backed proptech serving as CTO until 2022. With proven experience building scalable tech solutions, Ashmawy brings both personal motivation and technical expertise to solving cross-border banking challenges.

Munify Offers Fast, Affordable USD Bank Accounts for Egyptians Using Local IDs

Munify offers something revolutionary: fast, affordable USD bank accounts for Middle East residents using only local IDs. No complex documentation, no traditional banking hoops – just your local ID to access US banking services. This solves a massive problem for businesses, remote workers, and freelancers who need USD accounts to receive payments and hedge against local currency volatility. The platform eliminates traditional barriers that kept millions from accessing stable currency banking infrastructure.

Building Own Banking Rails to Ensure Instant, Low-Cost Transfers

Munify’s key differentiator: building proprietary banking rails instead of layering on existing infrastructure. “We’re directly connecting banking systems across different countries,” CEO Ashmawy explained. The platform launched just two weeks ago and already has thousands of sign-ups through word-of-mouth alone. They’ve signed enterprise contracts representing projected $50+ million in monthly cross-border volume. This isn’t just another fintech UI – it’s fundamental infrastructure rebuilding how cross-border payments work.

Expanding Beyond Egypt: Munify’s Plans to Serve Middle East and Gulf Markets

The expansion plans are ambitious: Munify aims to expand beyond Egypt across Middle Eastern and Gulf markets, gradually building regional banking rails. They operate dual consumer and business models – individual remittances plus APIs for enterprise cross-border payments. They’ve already signed contracts with mid-sized companies representing projected $50+ million monthly volume. Revenue comes from FX spreads, interchange, and payment flows. The goal? Become the backbone infrastructure for Middle East cross-border payments across multiple countries and market segments.

The Bigger Picture: Why This Munify Y Combinator Investment Matters

Here’s why this Munify Y Combinator backing is so significant – YC has historically invested in startups solving hard financial infrastructure problems, from Stripe to Coinbase. They see the same potential in cross-border payments that they saw in online payments and cryptocurrency! Remittances are one of the most entrenched pain points in global finance and one of the accelerator’s consistent focus areas when backing startups from emerging markets. This isn’t a random bet – it’s a strategic investment in fixing broken global financial infrastructure.

What makes Munify special is the combination of a founder with experience at two U.S. tech giants, a track record of building one of MENA’s top proptech companies, and a personal connection to the problem. That’s the perfect storm for building something truly transformative!

With their $3M Y Combinator funding, Munify isn’t just building another remittance app – they’re building the financial infrastructure for the global diaspora. And honestly? It’s about time someone did!