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- InstaBank Announces Raising $15 Million in New Funding Round to Finance Its Expansion in the Iraqi Market
- The Round Included Participation from a UAE-Based Company Aiming to Support Digital Transformation and Technology Projects in Iraq
Iraqi digital bank InstaBank, also known as AL-FAWR Digital Bank, has announced the successful close of a $15 million investment round aimed at funding its launch phase and expanding its services in the Iraqi market.
This move aligns with the bank’s strategy to offer an advanced digital banking experience built on financial technology and artificial intelligence, in step with global trends in the financial sector.
The round included participation from EQIQ, a UAE-based firm, which invested $3 million, reaffirming its long-term commitment to supporting digital transformation initiatives in Iraq.
Through this investment, EQIQ aims to accelerate the growth of the digital financial sector in the Iraqi market, provide modern technology infrastructure that meets international standards, and build a reliable, inclusive ecosystem.
Strategic Vision for Digitizing Iraq’s Financial System
InstaBank is a key component of EQIQ’s broader vision to develop Iraq’s fintech sector by integrating digital banking services with supply chain solutions and social commerce.
The company seeks to build an interconnected digital ecosystem that accelerates financial inclusion, fosters innovation in the banking sector, and delivers accessible, affordable financial services to all segments of the population—particularly the unbanked.
This strategy focuses on bridging the digital gap in Iraq’s financial infrastructure, empowering people to access advanced banking services via smartphones without the need for traditional branches, which helps reduce operational costs and improve efficiency.
Founder with Global Banking Experience
InstaBank was founded in 2025 by Hussein QaraGholi, a prominent Iraqi banker who has held executive positions at major global financial institutions.
QaraGholi’s career includes roles at Merrill Lynch, Citigroup, and Deutsche Bank in London, where he served as Executive Director and gained extensive expertise in banking innovation and digital transformation.
Through InstaBank, QaraGholi aims to deliver high-quality digital banking services powered by artificial intelligence and data analytics, offering personalized user experiences and smart solutions for both individuals and businesses.
He believes Iraq urgently needs a modern financial system capable of meeting global standards and overcoming longstanding barriers to growth.
Financial Inclusion and Comprehensive Digital Transformation
InstaBank plans to broaden its service offering to reach large segments of the population, including underbanked and unbanked groups.
The bank will focus on facilitating access to credit, offering digital savings and investment tools, and enabling easy electronic payments and transfers.
Its strategy prioritizes a seamless, user-friendly experience that allows customers to manage daily transactions with ease, making it an appealing choice for young people, professionals, and entrepreneurs.
The founding team hopes the project will help enable Iraq’s digital economy and unlock new opportunities for small and medium-sized enterprises.
A First Step Toward a Fully Integrated Digital Financial Sector
This investment round represents an initial step in a larger plan to expand services and build the technological infrastructure needed to compete regionally in the future.
InstaBank’s founders emphasize that their vision goes beyond offering banking services—they aim to redefine the relationship between individuals and banks in the era of the digital economy.
