FIB provides a fully digital banking platform for Iraq, allowing individuals and businesses to open personal, family, or corporate accounts instantly via a mobile app. The service includes a range of card options, QR‑code payments, peer‑to‑peer transfers, cashback rewards, and a savings tool, while business sub‑accounts function as POS terminals for streamlined payment acceptance.
Funding
Funding not disclosed
Founders
Product
Problem
Many Iraqi consumers and businesses lack convenient, fully digital banking services, facing reliance on physical branches, cash handling, and fragmented payment methods that limit speed, security, and financial inclusion.
Solution
FIB offers a fully digital banking platform that enables users to open personal, family, or business accounts instantly through a mobile app, eliminating the need for in‑person branch visits. The platform provides a suite of card options—including physical, virtual, family, and ISIC student cards—and QR‑code payments for fast, contactless transactions both online and offline. Integrated features such as domestic peer‑to‑peer transfers, cashback rewards, and a “Dream Account” savings tool help users manage everyday finances and achieve savings goals. For businesses, sub‑accounts function as POS terminals, allowing team members to accept payments and perform limited cash services directly from the app. Robust security measures, AML/CFT compliance, and end‑to‑end encryption protect user data and transactions throughout the ecosystem.
Target Audience
FIB serves individual consumers seeking convenient digital banking, families managing shared finances, and small‑to‑medium enterprises in Iraq that require integrated payment and account management tools.
Features
- All‑digital account creation with instant online onboarding and identity verification
- Multiple card products: physical, virtual, family, and UNESCO‑backed ISIC student cards
- QR‑code payment generation for contactless in‑store and online transactions
- Peer‑to‑peer domestic transfers between FIB accounts without cash or branch visits
- “Dream Account” virtual savings space with flexible fund allocation and goal tracking
- Business sub‑accounts that act as POS terminals for team members to accept payments
- Cashback rewards on everyday purchases and real‑time transaction notifications
- Comprehensive security framework including AML/CFT controls and data encryption