barq, the digital payments company, announced the close of a Series A funding round worth $329.5 million, at a valuation of $1.85 billion, marking a new milestone that reflects the growth the company has achieved since its launch and cements its position among the fastest-growing fintech companies in Saudi Arabia and the region.
The round saw participation from Noon Investments, Sohar International Bank, and M20 Fund, a step that reflects investor confidence in barq’s trajectory and future potential, and underscores the appeal of the investment opportunities emerging in the fintech sector across the Kingdom and the region.
The round follows a standout growth journey for barq, which has now surpassed 15 million users within two years, from more than 210 nationalities, alongside the expansion of its ecosystem of digital financial services and solutions — reflecting the growing demand for the company’s products and its ability to build a broad user base within a record period of time.
The value of funds processed has also surpassed SAR 440 billion, an indicator that reflects the scale of activity barq has achieved and the widening use of its digital financial services since launch.
Based on its valuation, barq has become one of the fastest companies in the region to reach unicorn status, and among the fastest globally within the fintech sector, reflecting the pace of growth the company has achieved within a short period since its launch.
The funding round will support barq’s next phase of growth, by strengthening operational efficiency, accelerating the development of products and services, investing in new financial and technology solutions, and expanding into new regional and international markets — contributing to delivering a more advanced and accessible digital financial experience for users.
This achievement comes at a time when Saudi Arabia’s fintech sector is undergoing exceptional development, driven by continued progress in financial and digital infrastructure, a supportive regulatory environment, the targets of Saudi Vision 2030, and the Saudi Central Bank’s efforts to advance digital payments and support innovation in financial services.
The close of the round marks a major milestone in barq’s journey, reflecting its ability to move within a short period from a phase of rapid growth to building a broad-scale digital financial platform, underpinned by a growing user base, an increasing volume of operations, and expansion ambitions aimed at strengthening its presence in the fintech sector at both the regional and international levels.
Source: Saudi Gazette