• QiCard acquired Miswag, Iraq’s largest e-commerce platform, for a confidential seven-figure sum.
• Miswag will continue to operate independently but will integrate with Qi’s SuperQi app and services.
• Since the acquisition, Miswag’s growth has surged tenfold, aided by new features like a buy-now-pay-later service.

International smart card company, QiCard, has acquired Miswag, Iraq’s largest e-commerce platform, for a confidential seven-figure sum. The deal, finalized earlier this year, was only revealed recently after critical integrations in services, team structures, and operational processes were completed.

A New Chapter for Miswag

Founded in 2014, Miswag quickly became a key player in Iraq’s e-commerce landscape. Between 2019 and 2022, it raised over USD 7 million from both Iraqi and international investors. The startup’s value is estimated at USD 25 million.

Founder and CEO Ammar Ameen added: “Being the first and oldest homegrown tech startup in Iraq, Miswag has always been committed to laying the foundation of Iraq’s new tech economy.

“This acquisition marks a significant turning point in our journey as it grants us access to an expanded set of resources and substantial ecosystem integrations that will enable us to grow more effectively, both horizontally and vertically.”

Strategic Alignment with Qi’s Vision

Ali Moneam, CEO of Qi, said that the acquisition aligns perfectly with Qi’s strategic shift to broaden its service offering into e-commerce, a vital sector in Iraq’s digital evolution. “Integrating Miswag will greatly enhance our customer experience and solidify our ongoing commitment to innovation and market growth,”

Post-Acquisition Synergy and Growth

Qi took a hands-off approach to the acquisition, preserving Miswag’s agility and leadership. Miswag continues to operate independently, with integration into Qi’s SuperQi app and payment solutions. Since the acquisition, Miswag has seen a tenfold growth boost, partly due to new features like “Aqsat Mall,” a buy-now-pay-later service.

Expanding Reach and Diversifying Revenue

With this acquisition, Qi is broadening its reach by engaging directly with consumers through both digital platforms and physical products. The move also diversifies Qi’s revenue streams, positioning it as a multifaceted company that meets the everyday needs of Iraqi consumers. Miswag now operates as a mini-app within SuperQi, offering exposure to millions of users each month.

This acquisition marks a significant shift in Iraq’s corporate landscape. It is highlighting the growing viability of mergers and acquisitions as a growth strategy.