Barq Raises $329.5M in Series A to Expand Digital Financial Services

What is Barq?

Founded in 2023  Barq is a Saudi Central Bank (SAMA) licensed fintech company headquartered in Riyadh. It operates a mobile wallet and digital payments platform through its app.

The company provides digital payment services and international money transfers. It also offers physical and virtual cards with features such as travel insurance, subscription management, and airport lounge access.

How Much Funding Has Barq Raised?

Barq has raised $329.5M in its latest Series A funding round. The round values the company at $1.85 billion.

The sources provided do not include details of Barq's earlier funding rounds or its total funding raised before this Series A.

Who Invested in Barq's Series A?

The Series A round included participation from Noon Investments, Sohar International Bank, and M20 Fund.

The financing has taken Barq's valuation to $1.85 billion, putting the company among Saudi Arabia's fintech unicorns.

Why the Funding Matters

Barq will use the new funding to improve operational efficiency and accelerate the development of its financial products and services.

The company also plans to invest in new financial and technology solutions and expand into additional regional and international markets.

Who founded Barq?

Barq was founded in 2023 by Ahmed Alenazi, who is also the company's CEO. The company is headquartered in Riyadh, Saudi Arabia.

Alenazi previously served as CEO of Saudi digital payments company stc pay.

Market and Business Growth

Barq has surpassed 15 million users from more than 210 nationalities within two years of launching its services.

The company has also processed more than SAR 440 billion ($117.3 billion) in funds through its platform since launch.

Earlier this year, Barq partnered with Alipay+ to support cross border QR payments. The service allows users to make payments at supported merchants across more than 220 markets globally.

What Happens Next?

Barq plans to expand its range of financial and technology products while improving its operational efficiency.

The company will also focus on entering new regional and international markets as it continues to grow its digital financial services platform.

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