Saudi fintech barq closes $329.5 million Series A

Saudi fintech startup barq has secured a $329.5 million Series A funding round, bringing its valuation to $1.85 billion. The investment round, led by Noon Investments, Sohar International Bank, and M20 Fund, positions barq among Saudi Arabia's fintech unicorns. Founded in 2023 by Ahmed Alenazi, a former CEO of stc pay, barq is a SAMA-licensed financial technology company offering digital payments and money transfer services through its app.

Within two years of its launch, barq has achieved over 15 million users from more than 210 nationalities. The platform has processed transactions worth more than SAR440 billion ($117.3 billion) since its inception, showcasing the growing transaction volume across its services. In addition to its domestic operations, barq has partnered with Alipay+ to enable cross-border QR payments, allowing users to make payments at supported merchants in more than 220 markets globally.

The Series A financing will support barq's next phase of growth, with plans to enhance operational efficiency, accelerate product and service development, invest in new financial and technology solutions, and explore additional regional and international markets. The $1.85 billion valuation solidifies barq's position as one of the fastest-growing fintech companies in the region after crossing the $1 billion valuation threshold following its market launch.