Saudi fintech Barq raises $330M Series A at $1.85B valuation
What's the deal? Saudi digital payments company BarqDealroom has a profile for this one. Try Dealroom → has closed a $329.5 million Series A round at a $1.85 billion valuation. Noon Investments, Sohar InternationalDealroom has a profile for this one. Try Dealroom → Bank, and M20Dealroom has a profile for this one. Try Dealroom → Fund took part.
What does Barq do? Founded in 2023 by Ahmed Alenazi, it runs a mobile wallet and digital payments platform. It handles international remittances and issues physical and virtual cards with perks including travel insurance, subscription management, and airport lounge access.
The scale so far: Barq serves more than 15 million users across over 210 nationalities. Funds processed through its platform have topped SAR 440 billion.
Why it stands out: The round ranks among the largest Series A deals in Saudi Arabia over the past four years, above the 99th percentile of more than 5,000 such rounds. The company says the valuation puts it among the fastest in the region to reach a $1 billion mark.
What's the money for? Barq plans to invest in new financial and technology products, improve operational efficiency, and expand into new regional and international markets.
The signal: The raise adds to the capital flowing into Saudi Arabia's fintech sector as digital payments adoption grows across the Kingdom. Barq's plans to move beyond its home market would test whether a Saudi-built platform can scale abroad.
Read more: waya.media
Image credit: Barq
