Abu Dhabi-based venture studio EQIQ has anchored a $15 million seed round to launch Iraq’s first fully digital bank, committing $3 million of its own capital to back the initiative.
InstaBank (officially Al-Fawr Digital Bank), is being developed by Hussain Qaragholi, an Iraqi-American banker who previously held senior roles at Deutsche Bank, Merrill Lynch, and Citigroup, and played a key role in Iraq’s $22 billion sovereign debt restructuring, earning the IFR Award for Global and EMEA Restructuring Deal of the Year, and executed $4.7 billion in sovereign bond offerings for Iraq.
Founded in 2025, InstaBank aims to transform Iraq’s banking sector through AI-powered infrastructure and a customer-first design approach. The platform is targeting financial inclusion, improved scalability, and broader access to formal financial services across one of the MENA region’s most underserved markets.
The bank will serve as the cornerstone of EQIQ’s fintech strategy in Iraq, part of the firm’s broader push to digitise financial ecosystems by integrating fintech, logistics, and social commerce. The team is currently engaging with regulators, technology partners, and institutional investors to support rollout.
“Hussain’s experience building global banking institutions, combined with his deep Iraqi roots, makes him uniquely qualified to reshape Iraq’s financial future,” said Mohamed Al-Hakim, Founding Partner at EQIQ. “InstaBank isn’t just a bank—it’s the digital infrastructure for an entire economy.”
“This isn’t just digital banking—it’s Iraq’s financial leapfrog moment,” said Qaragholi. “We’re building the foundation for fintech innovation across the region. EQIQ’s investment and strategic support will be pivotal in accelerating our efforts to redefine banking and position InstaBank at the forefront of Iraq’s emerging digital economy.”
The investment comes shortly after EQIQ announced the expansion of its fund from $15 million to $30 million to increase exposure to Iraq’s early-stage digital economy. Of the $8.5 million already deployed, three portfolio companies were co-built internally. The firm’s recent investments include edtech startup Corrsy and fintech platform Wayl.
