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Microsoft and Uber alum raises $3M for YC-backed Munify, a neobank for the Egyptian diaspora
Khalid Ashmawy found it hard to send money home while studying in Europe. Now, he’s launched a startup to help other Egyptians with the same problem.
The persistent pain point across different stages of his career eventually inspired Ashmawy to launch Munify, a cross-border neobank designed to give Egyptians abroad a faster, cheaper way to send money home and, for residents in the country, access to U.S. banking. “The main reason why we’re different is that we’re building our own rails and directly connecting the banking systems across different countries,” the CEO told TechCrunch, adding that the platform, which just launched two weeks ago, is already seeing early adoption through word of mouth with thousands of sign-ups. In the midst of that, Munify represented a chance to back 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.
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