Riyadh-based fintech startup barq has established itself as the region’s fastest-growing digital wallet, achieving record-breaking user adoption milestones in an unprecedented timeframe. The company’s rapid ascent highlights the monumental shift towards a cashless economy within Saudi Arabia and the broader MENA region.
Record-Breaking User Acquisition
Since its launch, barq has demonstrated an exceptional growth trajectory. The platform reached its first million users in just 21 days, a benchmark that remains unmatched by any other digital wallet in the market.
This initial momentum continued to accelerate, with the user base swelling to seven million in under a year. Within just 17 months of operation, barq successfully scaled to over 10 million users, cementing its position as a dominant force in the region’s competitive fintech landscape.
Riding the Wave of Saudi’s Digital Transformation
barq’s success is deeply intertwined with the explosive growth of Saudi Arabia’s digital payments ecosystem. The total value of the Kingdom’s e-payments sector has expanded more than twentyfold over the past four years, surging from approximately $2.4 billion (SR9 billion) in 2020 to nearly $84 billion (SR315 billion) by the end of 2024.
As a primary beneficiary of this digital boom, barq has outpaced regional competitors in user acquisition speed. With its platform now used by roughly one-third of Saudi Arabia’s population and expanding beyond national borders, barq’s performance underscores the profound shift in consumer and business behavior towards digital financial solutions.
A SAMA-Licensed Player for Consumers and SMEs
Operating under a license from the Saudi Central Bank (SAMA), barq’s sustained growth reflects rising consumer confidence in regulated and secure digital financial platforms. Built on a mobile-first infrastructure, the application is strategically designed to serve both individual consumers and the small-to-medium enterprise (SME) sector, which forms a cornerstone of the regional economy.
Aligning with Vision 2030
As Saudi Arabia continues to advance the ambitious objectives of Vision 2030, barq’s expansion is playing a pivotal role in reshaping the national financial landscape. By championing financial inclusion, simplifying transactions for SMEs, and enhancing cross-border payment capabilities, the company is making a significant contribution to the region’s transition toward a modern, technology-driven financial system with global connectivity.
About barq
barq is a Saudi-based financial technology company providing a leading digital wallet and e-payment solution for consumers and SMEs. Licensed by the Saudi Central Bank (SAMA), the platform is focused on driving financial inclusion and supporting the digital transformation of the financial sector in line with Saudi Vision 2030.
Source: Zawya
