Tajarib Announces QiCard’s Acquisition of Iraq’s Leading E-commerce Platform Miswag
To expand its footprint within Iraq’s digital economy, Tajarib announced that the International Smart Card Company (widely recognized as Qi or QiCard) has acquired Miswag, Iraq’s largest e-commerce platform, for a confidential seven-figure amount. The announcement occurred during “Investor Connect,” an event organized by Tajarib in collaboration with The Station, which brought together founders and startup leaders with potential investors and capital providers.
Building a Digital Success Story: Miswag’s Journey
Miswag, founded in 2014, started from humble beginnings but quickly grew to become a key player in Iraq’s e-commerce sector, addressing specific local market needs and establishing a strong customer base. Known for its dedication to quality and customer satisfaction, Miswag stood out early on in Iraq’s digital market, which helped it evolve steadily with the country’s technological landscape.
Between 2016 and 2019, Miswag raised $3 million from both Iraqi and international investors, showcasing the significant confidence the investor community holds in Iraq’s tech ecosystem and Miswag’s unique position within it. The acquisition was finalized earlier this year, but it was only announced recently as essential integrations in services, team structures, and operational processes were completed. Though the financial specifics of the acquisition remain undisclosed, it’s widely believed that the transaction involved a seven-figure amount, fully transferring ownership of Miswag to Qi.
Statements from Key Leaders
Ammar Ameen, Founder and CEO of Miswag, reflected on the milestone: “Being the first and oldest homegrown tech startup in Iraq, Miswag has always been committed to laying the foundation of Iraq’s new tech economy. This acquisition marks a significant turning point in our journey as it grants us access to an expanded set of resources and substantial ecosystem integrations that will enable us to grow more effectively, both horizontally and vertically.”
He added, “We are excited to start this new chapter as a core part of the Qi group. Miswag’s innovation and experience will now contribute to Qi’s broader mission to foster digital transformation in Iraq, creating more employment opportunities and unlocking new growth potential for the local market.”
Ali Moneam, Qi’s CEO, highlighted that the acquisition aligns perfectly with Qi’s strategic shift to broaden its service offering into e-commerce, a vital sector in Iraq’s digital evolution. “Integrating Miswag will greatly enhance our customer experience and solidify our ongoing commitment to innovation and market growth,” he stated.
Similarly, Luay Al-Obaidi, Qi’s Chief Product Officer, noted, “We pursued this acquisition as part of a deliberate decision to expand beyond payments, to serve a more holistic role in people’s lives through e-commerce. We aimed to partner with the best in the Iraqi market—the longest-standing and most innovative platform with a team that meticulously built it from the ground up. That’s why we chose Miswag.”
Al-Obaidi further explained Qi’s approach to the acquisition: “To preserve Miswag’s agility and its dedication to improvement, we adopted a hands-off approach. We kept their operations intact, left the team structure unchanged, and retained Ammar as CEO. Post-acquisition, our involvement has been limited to enabling their integration with our SuperQi app and equipping them with payment solutions, allowing them to continue their growth independently.”
Unleashing New Growth Avenues
Since the acquisition’s conclusion in April this year, Miswag has witnessed a tenfold increase in growth, which can be attributed to the synergy with Qi and the introduction of new features such as “Aqsat Mall,” a buy-now-pay-later service. This feature has significantly broadened Miswag’s reach, giving it access to a wider Iraqi audience and helping increase both revenue and sales while reducing operational resource demands.
Originally renowned for pioneering financial inclusion and electronic payment solutions within Iraq, Qi is now expanding its reach by engaging directly with consumers through digital platforms and physical products. This strategic pivot signals Qi’s intention to diversify its revenue streams away from state contracts, positioning itself as a multifaceted company that meets the broader needs of Iraqi consumers in their daily lives. Through its integration with SuperQi, Miswag will now operate as a mini-app within the larger platform, giving it exposure to millions of users every month.
Shaping Iraq’s Digital Landscape
The acquisition is seen as a pivotal shift in the Iraqi corporate landscape, as it signifies a maturing market where mergers and acquisitions are viable growth strategies. Unlike traditional methods of developing in-house alternatives, Qi opted for an acquisition, a strategy that demonstrates the evolving sophistication of Iraq’s market.
As part of this shift, Miswag now operates alongside other major players such as Tamata (operated by the Earthlink Group), Amal (a subsidiary of the Majd Digital Group), and Shopini (owned by Basra-based Fusteka Group). Despite the presence of these competitors, Miswag’s streamlined operations, robust customer experience, and strategic integration with Qi’s financial solutions give it a strong edge in the market. Analysts expect that this unique combination will further solidify Miswag’s position as Iraq’s leading e-commerce platform.
Through this acquisition, Qi and Miswag are poised to redefine the digital economy in Iraq, creating a stronger, technology-driven foundation for future growth. With enhanced e-commerce options and financial solutions, Qi’s partnership with Miswag offers a new level of convenience and innovation for Iraqi consumers, setting a benchmark for digital growth in the country.
