Sending Money Home Just Got Easier for Egyptians Abroad

Khalid Ashmawy knows firsthand how tough it can be to send money back home. When he was a student in Europe, sending cash to his family in Cairo was slow and expensive. Even years later, working in the U. S. at big companies like Microsoft and Uber, the problem didn't go away. This frustration led him to create Munify, a digital bank that makes sending money to Egypt faster and cheaper. Munify is part of Y Combinator's latest batch of startups. It's rare for a company from outside the U. S. to join, especially one that isn't focused on AI. Munify raised $3 million to help Egyptians abroad send money home quickly and at better rates. It also lets people in Egypt open a U. S. bank account easily. Ashmawy grew up in Egypt and studied computer science. He worked at Microsoft and Uber, where he learned a lot about technology and startups. Before Munify, he co-founded Huspy, a platform for mortgages in the Middle East. His own experiences as an immigrant made him realize how much people struggle with sending money back home. Egypt gets nearly $30 billion in remittances every year. Most people use banks or services like Western Union, but these can be slow and costly. Munify wants to change that by offering a digital, faster, and cheaper way to send money. It also helps businesses and freelancers in the Middle East open U. S. bank accounts. Munify is already getting popular, with thousands signing up in just two weeks. It plans to expand beyond Egypt to other countries in the Middle East. The startup makes money from currency exchange rates, card fees, and payment services. Y Combinator usually backs AI startups from the U. S. , but Munify stood out because it solves a big problem. Ashmawy's experience and personal connection to the issue made Munify a great fit for the accelerator. The company is part of a growing trend of digital banks aiming to make sending money easier for people around the world.