EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology ventures and generating returns exceeding 3.3x, has announced a $3 million anchor investment in InstaBank (officially Al-Fawr Digital Bank), a next-generation digital bank. The investment is part of a broader $15 million funding round to support the bank’s launch and early-stage growth.
InstaBank’s mission is to bridge critical gaps in Iraq’s banking sector through digital innovation and customer-centric design. By leveraging AI and advanced digital tools, the bank aims to increase financial inclusion and provide scalable, efficient services tailored to the realities of Iraq’s dynamic but underserved market—the fourth-largest economy in the MENA region.
InstaBank is led by Iraqi-American banker Hussain Qaragholi, a veteran finance executive and founder of Phoenix Finance Partners. Hussain spent over two decades at Merrill Lynch, Citigroup, and most recently at Deutsche Bank, where he served as Managing Director in London. He brings deep expertise in corporate banking, capital markets, and fintech.
Qaragholi played a pivotal role in Iraq’s $22 billion 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. His sovereign advisory work also includes Abu Dhabi’s landmark bond issuances and the Mubadala-IPIC merger. Qaragholi has served as a consultant to the International Finance Corporation (IFC) and currently serves on the RAND Corporation’s Global and Emerging Risks Board. Recently, he led fintech lending and cryptocurrency initiatives with early-stage start-ups across Europe. Hussain holds two master’s degrees from Georgetown University – an MBA and a Master’s in Contemporary Arab Studies— as well as fintech certifications from Oxford University’s Saïd Business School.
“Hussain’s experience building global banking institutions, combined with his deep Iraqi roots, makes him uniquely qualified to reshape Iraq’s financial future. InstaBank isn’t just a bank—it’s the digital infrastructure for an entire economy,” said Mohamed Al-Hakim, Founding Partner at EQIQ. “We believe this is a defining moment for fintech in Iraq, and InstaBank will serve as the cornerstone of our broader strategy to digitize financial ecosystems in Iraq.”
EQIQ’s investment aligns with the firm’s broader strategy to integrate fintech, logistics, and social commerce into a unified digital ecosystem. As a cornerstone of this vision, InstaBank will enable seamless, tech-driven financial transactions and support cross-sector growth within Iraq and the wider region. The team is actively engaging with technology partners, regulators, and investors to deliver a next-generation banking experience tailored for Iraq and beyond.
“This isn’t just digital banking—it’s Iraq’s financial leapfrog moment. We’re building the foundation for fintech innovation across the region,” said Hussain Qaragholi, Co-founder and CEO of InstaBank. “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.”
