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

Khalid Ashmawy remembers the first time he wired money home while studying in Europe.

He had just received his monthly stipend as a master’s student in Stuttgart and wanted to send part of it back to his family in Cairo. It was usually a slow and expensive process, he recalled. A $400 wire transfer, for instance, could cost $40 in fees and take three business days to arrive.

Years later, while working at Microsoft and Uber in the U.S., and even after founding a startup, that experience hadn’t improved much.

The persistent pain point…