Saudi-based fintech Barq has reportedly passed 7 million users from 150 nationalities, issued 6.5 million cards, and processed 500 million transactions worth SAR 73 billion ($19.5 billion) since July 2024.
The SAMA‑licensed e‑wallet says users moved $133 million in its first three weeks and hit 1 million sign‑ups quickly, though it still trails incumbents like STC Pay with around 11 million users and UrPay.
CEO Ahmed Alenazi, who previously led STC Pay through its unicorn‑stage raise, likely brought the regulatory expertise needed to secure a rare e‑wallet licence in January 2024.
Revenue streams include FX transfer fees through a June partnership with Singapore’s Thunes, interchange on Visa‑issued cards, and user‑retention perks from cash‑back marketplaces to lounge access.
Saudi’s payments race is tightening. SAMA has capped fees on local card transactions, pushing wallets to scale fast or expand into lending, BNPL and super‑app models.
Barq is moving quickly to secure share in cross‑border before incumbents such as STC Pay, the mada card scheme and bank‑backed wallets push further into the same space.
