Saudi fintech barq becomes unicorn with $329.5mn Series A
Saudi fintech company barq has closed a $329.5 million Series A funding round at a $1.85 billion valuation, officially joining the “unicorn club,” according to a LinkedIn post by Zain Farooq, Managing Director of barq PK, the company’s Pakistan arm. The round saw participation from Noon Investment, Sohar International Bank and M20 Fund, Farooq said, adding that it gives the company “fresh…
FinTech startup barq has achieved unicorn status after raising $329.5 million in Series A funding, pushing its valuation to $1.85 billion, according to a LinkedIn post by the company's Managing Director in Pakistan, Zain Farooq. The investment round attracted the participation of Noon Investment, Sohar International Bank, and M20 Fund, Farooq revealed, noting that the infusion of capital will fuel the company's growth trajectory in Saudi Arabia and beyond.
In just two years of existence, barq has processed over SAR 440 billion ($117 billion) for more than 15 million users across more than 210 nationalities. Managing Director Farooq emphasized the personal significance of this milestone, stating that barq PK is fully integrated as part of "one barq, one Group" working towards common objectives.
He praised the company's leadership, including co-founder Ahmed Alenazi, for rapidly building the platform. Farooq also highlighted the company's growth as a reflection of the broader momentum in Saudi Arabia's fintech sector under the nation's Vision 2030 program.
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