Latest news with #Qaragholi
Fintech News ME
a day ago
- Business
- Fintech News ME
EQIQ Invests $3M in InstaBank to Support Digital Banking in Iraq
Venture capital firm EQIQ has made a US$3 million anchor investment in InstaBank (registered as Al Fawr Digital Bank), as part of a wider US$15 million funding round to support the bank's launch and early-stage development. EQIQ is led by founding partners with experience in deploying over US$500 million in technology investments, achieving returns exceeding 3.3 times. InstaBank aims to address gaps in Iraq's financial services sector by adopting a digital-first banking model. The bank plans to leverage AI and other digital tools to enhance financial access and service delivery, with a focus on underserved segments in Iraq, the fourth largest economy in the MENA region. The bank is headed by Hussain Qaragholi, an Iraqi American finance executive and founder of Phoenix Finance Partners. Qaragholi previously held senior roles at Merrill Lynch, Citigroup, and Deutsche Bank, where he served as Managing Director in London. His track record includes leading Iraq's US$22 billion debt restructuring, which received the IFR Award for Global and EMEA Restructuring Deal of the Year, and facilitating US$4.7 billion in sovereign bond offerings for Iraq. He has also advised on sovereign transactions for Abu Dhabi and has consulted for the International Finance Corporation (IFC). Qaragholi holds an MBA and a Master's in Contemporary Arab Studies from Georgetown University, and 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. The investment aligns with EQIQ's broader strategy to integrate financial technology, logistics, and social commerce into a connected digital ecosystem. InstaBank is expected to play a central role in facilitating technology enabled financial services in Iraq and the wider region. The team is currently working with technology partners, regulatory authorities, and investors to develop and deploy its banking platform. '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.'
Iraqi News
a day ago
- Business
- Iraqi News
EQIQ invests $3M in Iraq's new digital bank venture
Baghdad ( – Venture capital firm EQIQ has committed $3 million to support the launch of a new AI-powered digital bank in Iraq, led by Iraqi-American finance executive Hussain Qaragholi. The investment is part of a $15 million funding round aimed at developing the country's first fully digital banking platform. The upcoming bank will offer AI-driven, mobile-first financial services designed to expand access and modernize Iraq's underdeveloped banking sector. Iraq, despite being the fourth-largest economy in the MENA region, remains significantly underserved in digital finance. Qaragholi, a seasoned banker with senior roles at Merrill Lynch, Citigroup, and Deutsche Bank, brings extensive experience in sovereign finance, fintech, and emerging markets. He has led major financial restructurings for Iraq and advised global institutions on capital strategies across the region. EQIQ views the digital bank as a strategic pillar in its plan to build Iraq's digital economy, alongside investments in fintech, logistics, and e-commerce. Based in Abu Dhabi, EQIQ has already deployed more than half of its first $15 million fund into five fast-growing tech startups since 2023.
Associated Press
2 days ago
- Business
- Associated Press
EQIQ Backs Iraqi-American Veteran Banker to Revolutionize Iraq's Banking Services
EQIQ announces a $3 million investment as a apart of a broader $15 m round in a digital bank for Iraq led by Iraqi-American veteran banker Hussain Qaragholi '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.'— Hussain Qaragholi ABU DHABI, ABU DHABI, UNITED ARAB EMIRATES, July 2, 2025 / / -- 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 a next-generation digital bank led by Iraqi-American banker Hussain Qaragholi. The investment is part of a broader $15 million funding round to support the bank's launch and early-stage growth. The digital bank venture aims to transform Iraq's banking landscape by introducing a fully digital, AI-driven platform designed to increase financial inclusion and deliver customer-centric, scalable services to one of the MENA region's most underserved markets. Iraq, currently the fourth-largest economy in the region, offers significant untapped potential in digital finance. The initiative is led by Hussain Qaragholi, a veteran finance executive and founder of Phoenix Finance Partners. Over a two-decade career, Qaragholi held senior roles at Merrill Lynch, Citigroup, and most recently at Deutsche Bank, where he served as Managing Director in London. His expertise spans 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. He also advised on Abu Dhabi's sovereign capital markets strategy, including the Mubadala-IPIC merger, and consulted for the International Finance Corporation (IFC). More recently, he has led fintech lending and blockchain initiatives with early-stage startups across Europe. Hussain currently serves on the RAND Corporation's Global and Emerging Risks Board. He holds two master's degrees from Georgetown University: an MBA and an MA in Contemporary Arab Studies, as well as fintech certifications from Oxford University's Saïd Business School. '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,' said Mohamed Al-Hakim, Founding Partner at EQIQ. 'This isn't just about launching a bank, it's about laying the digital foundation for Iraq's future economy.' EQIQ's investment is part of its broader strategy to digitalize Iraq's economy into a unified trifecta encompassing fintech, logistics, and e-commerce. The new digital bank venture will serve as a cornerstone of this vision, offering seamless, tech-enabled financial services tailored for Iraq's evolving market. The team is actively engaging with technology partners, regulators, and investors to deliver a next-generation banking experience tailored for Iraq and beyond. 'This is Iraq's leapfrog moment,' said Hussain Qaragholi. 'With EQIQ's backing, we are building more than a bank; we are building the rails for digital finance across Iraq and beyond.' About EQIQ EQIQ is a venture capital fund headquartered in Abu Dhabi Global Market (ADGM), United Arab Emirates. Founded by serial entrepreneurs who have invested over $500 million in technology startups across the world, EQIQ operates as a venture fund and venture builder that invests in both greenfield and brownfield opportunities across e-commerce, logistics, and fintech in Iraq. Having secured its first close in 2023, the fund has deployed more than half of its initial capital commitments of $15 million in a portfolio of 5 high-growth tech startups. EQIQ Limited is an Authorised Person regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This Marketing Material is intended solely for Professional Clients and must not be relied upon by any other Person. It is provided for information and marketing purposes only and does not constitute investment advice or an offer to invest in any fund or financial product. For further information: For inquiries: [email protected] Safwa Salim EQIQ [email protected] Visit us on social media: LinkedIn Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
