Saudi digital payments company barq has closed a $329.5 million Series A funding round, valuing the company at $1.85 billion and officially propelling it into unicorn territory.
The round saw participation from Noon Investments, Sohar International Bank, and M20 Fund, marking a major milestone for one of Saudi Arabia’s fastest-growing fintech companies.
Founded in Saudi Arabia, barq operates a digital financial platform offering services including personal accounts, payment cards, domestic and international transfers, rewards, children’s accounts and payment-splitting features. The company is operated by Barraq Finance Company and is licensed and supervised by the Saudi Central Bank.
The fintech has recorded rapid growth since launch, surpassing 15 million users within two years, representing more than 210 nationalities. The total value of funds processed through its platform has exceeded SAR 440 billion ($117 billion).
The new capital will support barq’s next stage of growth, including improving operational efficiency, accelerating product development, investing in new financial and technology solutions, and expanding into additional regional and international markets.
At a $1.85 billion valuation, the Series A establishes barq as one of Saudi Arabia’s newest fintech unicorns and highlights the accelerating scale of the Kingdom’s digital financial services ecosystem.
The milestone comes amid continued growth in Saudi Arabia’s fintech sector, supported by regulatory development, investment in digital infrastructure and the broader objectives of Saudi Vision 2030 to expand digital payments and financial innovation.
