Saudi fintech barq closes $329.5M Series A at $1.85B valuation
Saudi digital payments company barq has closed a $329.5 million Series A funding round at a valuation of $1.85 billion.
The round saw participation from Noon Investments, Sohar International Bank, and M20 Fund. The new valuation places the Riyadh-based company in unicorn territory around two years after it launched its services.
Founded in 2023 by CEO Ahmed Alenazi, who previously served as CEO of Saudi digital payments company stc pay, barq is licensed by the Saudi Central Bank (SAMA). Its app offers digital payments and money-transfer services. The company says it has surpassed 15 million users from more than 210 nationalities, with total processed funds exceeding SAR440 billion ($117.3 billion) since launch.
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The funding will support barq's plan to strengthen operational efficiency, accelerate the development of products and services, invest in new financial and technology solutions, and enter additional regional and international markets.
Barq has been expanding its payments offering beyond domestic transactions. Earlier this year, the company partnered with Alipay+ to enable cross-border QR payments at supported merchants across more than 220 markets globally.
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