InstaBank, officially known as Al-Fawr Digital Bank, has secured $15 million in funding to fuel its launch and early growth. The round is anchored by EQIQ, a UAE-based venture capital fund and venture builder, which contributed $3 million to back Iraq’s most ambitious digital banking initiative yet.
This marks a significant step forward for Iraq’s fintech future, as InstaBank sets out to transform a long-underserved financial sector through innovation, inclusion, and intelligent tech.
Revolutionizing Finance in Iraq
Founded in 2025 by Iraqi-American finance veteran Hussain Qaragholi, InstaBank aims to fill critical gaps in Iraq’s financial system. By leveraging AI-powered tools and a customer-first approach, the bank seeks to provide smarter, faster, and more accessible banking services.
- Focus on financial inclusion
- Scalable, tech-enabled banking services
- AI-driven infrastructure designed for Iraq’s market
Iraq, the fourth-largest economy in the MENA region, has long faced limited access to modern financial services. InstaBank sees this as an opportunity to leapfrog into a fully digital future.
A Founder with Deep Banking Roots
At the helm is Hussain Qaragholi, whose career spans over 20 years with top institutions like Merrill Lynch, Citigroup, and Deutsche Bank. His expertise in corporate banking and sovereign advisory brings credibility and global perspective to the project.
- ✅ Led Iraq’s $22B debt restructuring
- ✅ Executed $4.7B in sovereign bond offerings
- ✅ Served as advisor to IFC and RAND Corporation
- ✅ Holds an MBA and MA from Georgetown University
- ✅ Certified in fintech from Oxford’s Saïd Business School
Qaragholi’s blend of global experience and Iraqi insight makes him uniquely qualified to lead this next-generation bank.
“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 Strategic Backing
EQIQ, whose founding partners have invested over $500 million in tech ventures, sees InstaBank as a cornerstone of its fintech strategy in Iraq. The fund aims to integrate fintech, logistics, and social commerce into one seamless digital ecosystem.
- Anchor investor with $3M commitment
- Active role in shaping Iraq’s digital finance landscape
- Supports cross-sector growth and innovation
“InstaBank isn’t just a bank, it’s the digital infrastructure for an entire economy,” said Mohamed Al-Hakim, Founding Partner at EQIQ. “This is a defining moment for fintech in Iraq.”
What’s Next?
The InstaBank team is actively engaging with regulators, investors, and technology partners to bring its bold vision to life. The goal is not just to digitize banking, but to enable economic mobility and modernization across Iraq and beyond.
Final Thoughts
InstaBank represents a rare opportunity: a chance to rebuild an entire financial system from the ground up. With EQIQ’s backing and Qaragholi’s leadership, this isn’t just a bank, it’s the beginning of Iraq’s digital economy revolution.