Saudi fintech barq becomes unicorn with $329.5mn Series A
- Round backed by Noon Investment, Sohar International Bank and M20 Fund
- Platform has processed over $117bn for 15mn+ users in two years, company says
Saudi fintech Barq secured $329.5 million in Series A funding, achieving a $1.85 billion valuation and unicorn status, fueling its expansion in Saudi Arabia and globally.
- Barq's investors and expansion strategy.
- Company's transaction volume and user growth.
- Saudi Vision 2030's role in fintech.
Saudi fintech company barq has closed a $329.5 million Series A funding round at a $1.85 billion valuation, officially joining the “unicorn club,” according to a LinkedIn post by Zain Farooq, Managing Director of barq PK, the company’s Pakistan arm.
The round saw participation from Noon Investment, Sohar International Bank and M20 Fund, Farooq said, adding that it gives the company “fresh momentum for the next phase of growth in Saudi Arabia and beyond.”
According to Farooq, barq has processed more than SAR 440 billion (roughly $117 billion) for over 15 million users across more than 210 nationalities within two years of operation.
Farooq, who leads the company’s Pakistan operations, called the milestone personal, saying barq PK is not “watching this journey from the sidelines” but operating as part of “one barq, one Group” working toward a shared goal.
He credited barq’s leadership, including Ahmed Alenazi, for building the platform “at extraordinary speed,” and linked the company’s growth to momentum in Saudi Arabia’s fintech sector under the kingdom’s Vision 2030 programme.
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