barq, a Saudi Arabia-based digital payments company, has closed a USD 329.5 million Series A funding round at a USD 1.85 billion valuation.
The round was completed with participation from Noon Investments, Sohar International Bank, and M20 Fund. Proceeds from the financing are intended to support barq's next phase of growth, including operational efficiency, product and service development, and expansion into additional regional and international markets.
User growth and transaction volume
Since its launch in 2024, barq has built a user base of more than 15 million people representing over 210 nationalities. Over the same period, the company has expanded an ecosystem of digital financial services and solutions on its platform. The total value of funds processed through barq has surpassed USD 117.3 billion, an indication of the transaction volume the platform has handled since launch.
At a valuation of USD 1.85 billion, barq has reached unicorn status within two years of operation, a pace the company describes as among the fastest recorded in the fintech sector globally. The round takes place as Saudi Arabia's fintech industry continues to develop, supported by ongoing investment in financial and digital infrastructure, a regulatory framework aimed at facilitating fintech activity, the objectives outlined under Saudi Vision 2030, and efforts by the Saudi Central Bank to advance digital payments and support innovation in financial services.
The participation of Noon Investments, Sohar International Bank, and M20 Fund in the round points to continued investor interest in fintech ventures operating in Saudi Arabia and the wider region. Series A rounds of this size remain uncommon in the regional fintech sector, and the valuation places barq among a small group of companies in the Middle East to have reached unicorn status within such a short operating period.
Planned use of proceeds
According to the company, funds raised through the round will go towards strengthening operational efficiency, accelerating the development of barq's products and services, and investing in new financial and technology solutions. The company has also indicated plans to expand into new markets both regionally and internationally as part of its next growth phase.
The transaction reflects a broader pattern of capital inflows into Gulf-region fintech companies as digital payments adoption continues to increase across Saudi Arabia and neighbouring markets. Further details on specific market expansion plans or product launches following the round have not been disclosed.
