Saudi fintech company Barq has received preliminary approval from the Saudi Central Bank to add financing activities to its business scope, expanding beyond digital payments and transfers.
The company said it plans to develop financing products that comply with Islamic Sharia principles. However, the approval is not a final license, and Barq must complete the required regulatory procedures before it can launch financing services.
According to the announcement, Barq is the first digital wallet in Saudi Arabia to receive preliminary approval to add financing activities. The move could allow the company to offer payments, transfers and financing through a single digital platform.
The development follows Barq’s $329.5 million Series A round in September 2026, which valued the company at $1.85 billion. The round included Noon Investments, Sohar International Bank and M20 Fund. Barq said the capital will support product development, operational efficiency, new financial and technology solutions, and expansion into additional regional and international markets.
Barq also said it has surpassed 15 million users from more than 210 nationalities and processed over SAR 440 billion in funds since launch. That scale gives the company a substantial customer base for potential new products, while financing will bring additional requirements around risk management, compliance and operations.
Source: EntArabi
