EQIQ Invests in Iraqi-US Banker's Digital Banking Venture
UAE-based venture capital fund EQIQ has announced a $3-million anchor investment in a new digital banking startup led by Iraqi-American finance veteran Hussain Qaragholi (pictured).
The total $15-million funding round will support the launch and early growth of the next-generation, AI-driven platform.
The new venture aims to transform Iraq's underdeveloped banking sector by providing scalable, customer-focused digital services. Iraq, the MENA region's fourth-largest economy, remains significantly underserved in digital finance.
Qaragholi, founder of Phoenix Finance Partners, has held senior roles at Merrill Lynch, Citigroup, and Deutsche Bank. He played a major role in Iraq's $22-billion debt restructuring and sovereign bond offerings, and currently serves on RAND Corporation's Global and Emerging Risks Board.
Mohamed Al-Hakim, Founding Partner at EQIQ, said:
"Hussain's deep global financial expertise, combined with his strong connection to Iraq's economic landscape, positions him uniquely to lead Iraq into a new era of digital banking ... This isn't just about launching a bank- it's about laying the digital foundation for Iraq's future economy."
Hussain Qaragholi added:
"This is Iraq's leapfrog moment ... With EQIQ's backing, we are building more than a bank; we are building the rails for digital finance across Iraq and beyond."
(Source: EQIQ) Tags: Abu Dhabi, Bank of America Merrill Lynch, cg, Citigroup, Deutsche Bank, Digital Transformation, EQIQ Ventures, featured, fintech, Phoenix Finance Partners, Rand Corporation, United Arab Emirates (UAE), United States, Venture Capital
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