Iraq’s Instabank has raised $15 million in a new funding round. As part of this, EQIQ invested $3 million.
The money will be used to help launch and grow the new digital bank in Iraq.
InstaBank is a key part of EQIQ’s strategy, based in the UAE, to help grow Iraq’s FinTech sector. It’s part of a bigger plan to modernize the country’s financial system by combining financial technology with logistics and social commerce.
InstaBank, also called AL-FAWR Digital Bank, was founded in 2025 by Hussain Karagoli.
Karagoli is an experienced banker who held top roles at Merrill Lynch, Citigroup, and Deutsche Bank in London, where he also served as CEO.
The bank aims to improve Iraq’s financial services by using artificial intelligence and user-friendly design. Its main focus is to increase financial inclusion and offer services that can easily grow to reach more people.
“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 is part of its larger plan to bring together fintech, logistics, and social commerce into one connected digital system.
InstaBank is a key part of this vision, designed to make financial transactions smooth and technology-driven.
The team is working closely with tech partners, regulators, and investors to create a modern banking experience tailored for Iraq and the wider region.
“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.”
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