Iraq's Instabank Secures $15M Round Led by Eqi.iq
Instabank, positioning itself as Iraq's first-generation digital bank, has successfully closed a significant $15 million funding round. The investment was anchored by Eqi.iq, an investment holding company focused on Iraq's digital economy, marking a pivotal moment for the country's burgeoning financial technology sector.
A New Era for Banking in Iraq
Instabank is set to transform the financial landscape in Iraq by providing a modern, digital-first banking experience. A critical factor enabling its operations is that it holds a full banking license from the Central Bank of Iraq, allowing it to operate as a fully regulated financial institution. The company aims to provide seamless, convenient, and secure financial services tailored specifically to the needs of the Iraqi market.
Backed by a Strategic Local Investor
The investment from Eqi.iq underscores a strong local confidence in the potential of the Iraqi market for deep digital transformation. By backing what aims to be the country's first digital bank, Eqi.iq is not just investing in a single company but is also helping to build the foundational infrastructure for a new digital economy in Iraq.
About Instabank
Instabank is a digital banking platform designed specifically for the Iraqi market. Holding a license from the Central Bank of Iraq, the bank is positioned to offer a full range of banking services accessible through digital channels, aiming to address the needs of a population increasingly seeking modern financial solutions.
About Eqi.iq
Eqi.iq is an investment holding company dedicated to building and investing in digital platforms that serve the Iraqi market. The firm focuses on backing ventures that can create significant impact and drive the digital transformation of Iraq's economy.
Looking Ahead
With this new funding, Instabank plans to accelerate its growth, expand its service offerings, and enhance its technology across Iraq. The success of Instabank is poised to drive greater financial inclusion, encourage further innovation in the fintech ecosystem, and pave the way for more digital financial services, contributing to the modernization of the country's economy.
Source: Wamda