Barq Closes $329.5 Million Funding Round, Valuation Reaches $1.85 Billion

Saudi fintech company Barq has closed a Series A funding round worth $329.5 million, raising its valuation to $1.85 billion. The round was participated in by Noon Investments, Sohar International Bank, and the M20 Fund. Founded in 2023, Barq is licensed by the Saudi Central Bank (SAMA) and offers digital payment and money transfer services through its app. After two years of launching its services, it has surpassed 15 million users from over 210 nationalities, processing more than 440 billion Saudi Riyals ($117.3 billion) through its platform. Barq has partnered with Alipay+ to expand its cross-border payment services. The Series A round will support the next phase of the company's growth, with plans to enhance operational efficiency and expand its service offerings.

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