Microsoft and Uber alum raises $3M for YC-backed Munify, a neobank for the Egyptian diaspora

Khalid Ashmawy, a former Microsoft and Uber employee, has raised $3 million for his startup, Munify, a neobank targeting the Egyptian diaspora. Munify aims to address the challenges faced by Egyptians living abroad in sending money back home, which Ashmawy himself experienced while studying in Europe. The startup, which was backed by Y Combinator, provides a digital banking platform that offers cross-border remittance services, currency exchange, and other financial products tailored to the needs of the Egyptian diaspora. The $3 million seed funding round was led by Global Founders Capital, with participation from several angel investors. Munify's goal is to simplify the process of sending money home and provide a suite of financial services to the millions of Egyptians living outside of their home country. The startup's platform aims to offer a more convenient and cost-effective alternative to traditional remittance channels.