• Iraq’s InstaBank raises USD 15M to launch a fully digital, AI-driven bank aimed at transforming Iraq’s financial landscape.
• The round includes a USD 3M investment from EQIQ, part of a broader push to digitize Iraq’s fintech infrastructure.
• InstaBank targets Iraq’s underserved markets with scalable, user-friendly services focused on inclusion, SMEs, and tech-driven financial access.

InstaBank

What happened? Iraq’s InstaBank secured USD 15 million in a funding round to support the bank’s launch and early-stage growth. The round included a USD 3 million investment from EQIQ, a venture capital fund.

 “With EQIQ’s backing, we are building more than a bank; we are building the rails for digital finance across Iraq and beyond,”  said InstaBank founder Hussain Qaragholi.

What is next? The digital bank aims to transform Iraq’s banking landscape by introducing a fully digital, AI-driven platform. This platform is designed to increase financial inclusion and deliver customer-centric and scalable services.

Moreover, this is significant because Iraq is one of MENA regions most underserved markets.  The country is currently the fourth largest economy in the region and thus has untapped potential in digital finance.

Digital Banking

Who are they? InstaBank, officially called Al-Fawr Digital Bank, is an Iraqi digital first AI-enabled financial institution. It provides accessible, transparent, and high-impact banking solutions for Iraq’s underserved professionals, SMEs,and startups. 

It is led by Hussain Qaragholi, a veteran Iraqi-American finance executive, who spent two decades in senior roles at Merril Lynch, Citigroup and Deutsche Bank. He is known for restructuring Iraq’s USD 22 billion debt and leading Iraq’s USD 4.7 billion sovereign bond issuance. In addition, he also advised major institutions such as the iFC and Abu Dhabi Islamic Bank. Furthermore, his expertise spans corporate banking, capital markets and fintech.

Meanwhile, EQIQ is a venture capital fund based in Abu Dhabi Global Market (ADGM). It operates a venture fund and venture builder that invests in both greenfield and brownfield opportunities. This is across e-commerce, logistics, and fintech in Iraq.