2 days ago
Abu Dhabi VC firm EQIQ invests $3mln in Iraq's Instabank
UAE-based venture capital fund EQIQ has invested $3 million in Iraq's Instabank, in line with a strategy to mordernise the financial sector in the country.
The anchor investment is part of a larger $15 million funding round for the next-generation digital bank, founded in 2025 by Iraqi-American banker Hussain Qaragholi.
Instabank, officially Al-Fawr Digital Bank, seeks to boost financial inclusion in Iraq through digital innovation and by leveraging AI and advanced digital tools.
According to Mohamed Al-Hakim, Founding Partner at EQIQ, Instabank is poised to be the foundation of their efforts to digitise financial ecosystems in Iraq.
Headquartered in Abu Dhabi Global Market (ADGM), EQIQ is pursuing investments in technology start-ups in Iraq. It has recently announced plans to expand its fund size from $15 million to $30 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
