Saudi digital-payments company Barq has raised $329.5 million (SAR1.24 billion) in a Series A funding round that values the business at $1.85 billion (SAR6.94 billion), giving the Riyadh-based fintech “unicorn” status less than three years after it was founded.
Noon Investments, Sohar International Bank and M20 Fund participated in the transaction, according to a report by Saudi Gazette.
Rapid Growth Underpins the Valuation
Barq operates a mobile wallet and digital financial-services platform offering domestic and international transfers, physical and virtual payment cards, spending tools and other consumer services. Ahmed Alenazi founded the company in 2023, while industry reporting places the commercial launch of its platform in 2024.
The company says it has passed 15 million users representing more than 210 nationalities within two years of launch. Barq also reports that more than $117.3 billion (SAR440 billion) has moved through its platform.
Earlier company disclosures provide some indication of the pace of expansion. Barq previously reported more than 10 million users, 9.5 million cards issued and over 940 million transactions when cumulative funds processed stood above $40 billion (SAR150 billion).
Barq conducts its regulated activities through Buraq Financial Company, a closed joint-stock company licensed and supervised by the Saudi Central Bank. Its services have expanded beyond a basic consumer wallet to include international remittances, e-commerce payment services, products for children and business-oriented accounts.
New Capital Brings a Wider Expansion Test
Proceeds from the Series A will be used to develop additional financial and technology products, improve operating capacity and enter regional and international markets, Barq said. The company has not named its first overseas destinations, provided a timetable for expansion or disclosed how the capital will be divided between product development, hiring, regulatory approvals and market entry.
Cross-border payments already form part of the company’s product strategy. Barq has offered international transfers through a partnership with Western Union and added Alipay+ services in 2026. Moving into new jurisdictions, however, requires more than translating an application: payment companies must obtain regulatory approvals, connect with local financial infrastructure and adapt their compliance systems to each market.
Competition will be another consideration. Banks, digital wallets, remittance providers and well-funded fintech companies are all pursuing customers in the Gulf’s expanding digital-payments market. Barq’s reported user base gives it scale at home, but international growth will test whether that customer acquisition can be repeated outside Saudi Arabia without placing excessive pressure on spending.
The financing arrives as Saudi Arabia’s fintech sector attracts increasingly large rounds. One day before Barq’s announcement, Saudi Arabia-based financial-services company Tabby disclosed a $233 million funding round at a $6.5 billion valuation. The two transactions involve different business models and funding stages, but together they illustrate the amount of private capital now available to established fintech platforms in the kingdom.
Investors will eventually look beyond registration and transaction milestones to the economics behind them. Customer activity, payment margins, compliance costs, revenue per user and the expense of entering new markets will determine whether Barq can turn its reported scale into a sustainable business.
