Barq Raises $329 Million To Scale Digital Financial Services Globally
Saudi Arabia is home to more than 13 million foreign workers who come from India, Pakistan, Bangladesh, the Philippines, Egypt and many other countries. In total, more than 210 nationalities The post Barq Raises $329 Million To Scale Digital Financial Services Globally appeared first on Ventureburn .
Saudi Arabia is home to a diverse population of over 13 million foreign workers from 210 nationalities. Digital payments company Barq has raised $329.5 million in Series A funding, bringing its valuation to $1.85 billion and officially making it a unicorn. Barq, a Riyadh-based fintech startup, achieved this rapid growth in just 2 years after its launch in 2023.
The company, licensed by the Saudi Central Bank (SAMA), offers an inclusive platform supporting 210 nationalities and provides instant access to a virtual card, physical card, domestic transfers through Mada, and international remittances to numerous countries. Barq's success comes from its strong user base and features like split bill and group payments, known as Qatta locally.
The new funding will be used to enhance the current experience, prepare for international expansion, improve operational efficiency, and develop more tools for small businesses.
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