Fintech company Barq raised USD 329.5 mn in a Series A round, valuing the company at USD 1.85 bn. The valuation makes Barq one of Saudi Arabia’s unicorns about two years after launch, according to an announcement. The round was backed by Noon Investments, Sohar International Bank, and M20 Fund, according to a press release.
The funding will support Barq’s expansion in the Middle East and beyond, including the planned launch of Barq Pakistan, Chief Marketing and Customer Experience Officer Abdulrahman Al Aqeel tells Al Arabiya (watch, runtime: 3:59).
About Barq: Founded by Ahmed Alenazi (LinkedIn) in 2023, the company offers digital payments and other financial services, and it recently expanded into corporate services to target the business segment, particularly SMEs. It surpassed 15 mn customers in Saudi Arabia and processed more than SAR 440 bn since launch, while capitalizing on international partnerships with Thunes and Western Union to expand its services.
