Saudi digital payments company barq has closed a $329.5 million Series A funding round at a $1.85 billion valuation, making the Riyadh-based fintech one of Saudi Arabia’s latest unicorns.
The round saw participation from Noon Investments, Sohar International Bank and M20 Fund. The financing comes roughly two years after barq launched its services and follows rapid growth in both its user base and transaction volumes.
Founded in 2023 by Ahmed Alenazi, barq is a Saudi Central Bank (SAMA)-licensed financial technology company offering digital payments and money-transfer services through its app.
From Launch to 15 Million Users
barq says it has surpassed 15 million users representing more than 210 nationalities within two years of launching.
The platform has also processed more than SAR440 billion ($117.3 billion) in funds since launch, reflecting the scale of transactions moving through its ecosystem.
That rapid adoption has helped barq move beyond the profile of a newly launched payments company and into a broader financial-services platform.
Alenazi brings significant experience in Saudi digital payments to the company. Before founding barq, he served as CEO of stc pay, giving him experience operating within one of the Kingdom’s rapidly evolving digital financial ecosystems.
Expanding Beyond Domestic Payments
barq has also been expanding the capabilities of its platform beyond domestic payments.
Earlier this year, the company partnered with Alipay+ to enable cross-border QR payments. Through the partnership, barq users can make payments at supported merchants across more than 220 markets globally.
The move reflects a broader shift in Saudi payments, where consumers increasingly expect their digital wallets and payment applications to work seamlessly across borders.
For barq, international payments provide another layer to a platform that already combines domestic transactions with money-transfer and other financial services.
A $1.85B Valuation in Saudi Arabia’s Fintech Market
The latest financing values barq at $1.85 billion, putting the company firmly into unicorn territory.
Its rise comes as Saudi Arabia continues to develop its financial technology ecosystem as part of its broader digital transformation agenda. Digital payments have become an increasingly important component of the Kingdom’s financial infrastructure, creating opportunities for fintech companies that can achieve scale while operating within the country’s regulatory framework.
barq’s SAMA licence provides the regulatory foundation for its payments and financial services offering, while its growing user base gives the company a significant distribution platform from which to introduce additional products.
What’s Next for barq?
The new capital will support barq’s next phase of growth.
The company plans to use the funding to strengthen operational efficiency, accelerate product and service development, invest in new financial and technology solutions, and enter additional regional and international markets.
The strategy suggests that barq sees its existing payments business as the foundation rather than the final destination.
With 15 million users, more than SAR440 billion in processed funds and a presence reaching consumers from more than 210 nationalities, the company now has the scale to experiment with a broader range of financial products and services.
The challenge will be translating that rapid early growth into a sustainable financial ecosystem while expanding across markets with different regulatory and consumer requirements.
For Saudi Arabia’s fintech sector, however, barq’s trajectory illustrates how quickly a digital financial platform can scale when payments, technology, regulation and consumer adoption converge.
Founded just three years ago, barq is now valued at $1.85 billion.
Its next chapter will be about turning that valuation and user base into a broader financial platform serving customers in Saudi Arabia and beyond.
