KTFA
FRANK26: "IRAQ'S BANKING, THE STATE OF THE ART!!!".....F26
EQIQ Invests in Iraqi-US Banker's Digital Banking Venture
By John Lee.
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. (WHY WOULD THIS GENIUS MESS WITH 1310?!!! -F26)
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)