EQIQ, a UAE-based venture capital fund and venture builder, has made a $3 million anchor investment in InstaBank (officially Al-Fawr Digital Bank) as part of a larger $15 million funding round supporting the launch and growth of Iraq’s pioneering digital banking platform. Founded in 2025 by Hussain Qaragholi, InstaBank aims to revolutionize Iraq’s underserved financial sector through AI-driven solutions and a customer-centric design, emphasizing financial inclusion and scalable services.
InstaBank will form the cornerstone of EQIQ’s fintech strategy in Iraq, supporting the fund’s broader vision to digitize the financial ecosystem by integrating fintech, logistics, and social commerce within the region.
EQIQ’s Commitment to Iraq’s Digital Economy
EQIQ, led by founding partners with a strong track record of investing over $500 million in technology ventures and generating returns exceeding 3.3x, sees InstaBank as a strategic platform to bridge gaps in Iraq’s banking sector. The fund’s investment aims to leverage AI and advanced digital tools to provide efficient, scalable banking services tailored to Iraq’s dynamic but underserved market—the fourth-largest economy in the MENA region.
Leadership with Deep Expertise
InstaBank is helmed by Hussain Qaragholi, an Iraqi-American finance executive and founder of Phoenix Finance Partners, bringing over 20 years of experience from global banking institutions including Merrill Lynch, Citigroup, and Deutsche Bank, where he served as Managing Director in London. Qaragholi’s notable achievements include playing a pivotal role in Iraq’s $22 billion debt restructuring and executing $4.7 billion in sovereign bond offerings for Iraq, earning international recognition including the IFR Award for Global and EMEA Restructuring Deal of the Year.
Qaragholi also holds advisory roles with the International Finance Corporation (IFC) and the RAND Corporation’s Global and Emerging Risks Board. He has led fintech lending and cryptocurrency initiatives with startups across Europe and holds dual master’s degrees from Georgetown University, along with fintech certifications from Oxford University’s Saïd Business School.
Vision for Iraq’s Financial Future
Mohamed Al-Hakim, Founding Partner at EQIQ, commented: “Hussain’s experience building global banking institutions, combined with his deep Iraqi roots, uniquely positions him to reshape Iraq’s financial future. InstaBank isn’t just a bank—it’s the digital infrastructure for an entire economy. This is a defining moment for fintech in Iraq, and InstaBank will anchor our broader strategy to digitize financial ecosystems.”
InstaBank is poised to enable seamless, technology-driven financial transactions and foster growth across fintech, logistics, and social commerce sectors in Iraq and beyond. The team is actively collaborating with technology partners, regulators, and investors to deliver a next-generation banking experience customized for the region.
Hussain Qaragholi, Co-founder and CEO of InstaBank, stated: “This isn’t just digital banking—it’s Iraq’s financial leapfrog moment. We’re building the foundation for fintech innovation across the region. EQIQ’s investment and strategic support will be pivotal in accelerating our mission to redefine banking and position InstaBank at the forefront of Iraq’s emerging digital economy.”
