TechCrunch Startup News Microsoft and Uber alum raises $3M for YC-backed Munify, a neobank for the Egyptian diaspora
Sep 1, 2025
Khalid Ashmawy's journey from struggling with money transfers while studying in Europe to launching a neobank specifically for Egyptians abroad is inspiring. He delves into the challenges faced by the diaspora in managing finances and the inefficiencies of traditional transfer methods. Munify aims to revolutionize remittances with innovative solutions designed for this community, making financial transactions simpler and more efficient.
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Early Wire Transfer Frustration
- Khalid Ashmawy recalls sending a $400 wire from Stuttgart that cost $40 and took three days to arrive.
- That experience motivated him to build a better remittance option for Egyptians abroad.
Persistent Pain Drives Opportunity
- Ashmawy saw the same costly, slow remittance pain across jobs at Microsoft, Uber, and startups.
- That persistent pain made the remittance problem feel like a clear startup opportunity.
From Egypt To Big Tech And Startups
- Ashmawy grew up in Egypt, earned computer science degrees, then completed two master's programs in Germany and Switzerland.
- He later spent seven years at Microsoft and Uber before co-founding MENA proptech Husby in 2019.