Saudi fintech barq has closed a $329.5 million Series A round at a $1.85 billion valuation, becoming one of the country’s latest fintech unicorns. The round included Noon Investments, Sohar International Bank and M20 Fund.
Founded in 2023 by Ahmed Alenazi, barq is licensed by the Saudi Central Bank and offers digital payments, money transfers and other financial services through its app.
The Riyadh-based company said it has surpassed 15 million users from more than 210 nationalities within two years of launching. It also said the total value of funds processed through its platform has exceeded SAR440 billion ($117.3 billion).
Barq has expanded beyond domestic payments through services including international transfers and cross-border QR payments enabled through its partnership with Alipay+.
The company plans to use the new funding to improve operational efficiency, accelerate product and service development, invest in financial and technology solutions, and enter additional regional and international markets. Its offering has also broadened to include products for businesses, alongside accounts, cards, transfers and e-commerce-related services.
Source: Wamda
