Venture capital firm EQIQ has committed $3 million toward the launch of Iraq’s first fully digital, AI-powered bank, led by Iraqi-American finance veteran Hussain Qaragholi. This investment is part of a larger $15 million funding round aimed at modernizing Iraq’s banking sector with a mobile-first, AI-driven platform.
Despite being the fourth-largest economy in the MENA region, Iraq remains underserved in digital financial services. The new bank aims to expand financial inclusion and bring cutting-edge fintech solutions to the country.
Qaragholi brings deep expertise from senior roles at Merrill Lynch, Citigroup, and Deutsche Bank, with a strong background in sovereign finance and fintech across emerging markets. He has played key roles in financial restructuring and advising global institutions on capital strategies in Iraq and the region.
Abu Dhabi-based EQIQ sees this digital banking initiative as a cornerstone of its strategy to grow Iraq’s digital economy alongside investments in fintech, logistics, and e-commerce. Since 2023, EQIQ has deployed over half of its $15 million fund into five promising tech startups.
