barq raises $329.5M Series A at $1.85B valuation as funds processed hit $117B

Saudi fintech barq has raised $329.5 million in a Series A round at a $1.85 billion post-money valuation, with Noon Investments, Sohar International Bank and M20 Fund participating.

Barq says its now passed 15 million users from more than 210 nationalities and processed more than SAR 440 billion ($117.3 billion) in funds since launching its app in July 2024.

When FWDstart last covered the company in July 2025, Barq reported seven million users, 6.5 million cards issued and SAR 73 billion ($19.5 billion) processed across 500 million transactions. It had reached its first million users within three weeks of launch.

Barq’s initial consumer proposition was centred heavily on price. Its Visa card currently carries no annual or international transaction fee and includes up to five free ATM withdrawals a month, while the company markets low-cost international transfers and competitive foreign exchange rates. It has layered cashback, rewards and travel benefits on top.

That pricing has been part of the acquisition wedge in a Saudi market where consumers can move relatively easily between wallets and digital banks depending on card fees, FX rates and rewards. Barq now competes for that activity with products including STC Bank and D360, as well as incumbent banks and other wallets.

The economics of domestic payments are also tightly regulated. SAMA’s fee framework makes opening a bank account or e-wallet free and caps a range of consumer charges, including international purchase fees. Separate rules set fixed fees for topping up e-wallets using mada cards.

Barq has consequently expanded into areas where payments can lead into additional revenue pools.

Cross-border money movement has been one of the clearest. Barq first partnered with Thunes to extend international transfers, with the service going live last year across Thunes’ network of bank accounts and digital wallets. Its current terms also include transfers powered through Western Union, while Barq says customers can send money to more than 200 countries.

Earlier this year it added Alipay+, allowing Barq users to make QR payments through their existing wallet at participating merchants abroad. Alipay+ says its network now spans more than 220 markets.

The company is also moving beyond the original personal wallet. Its Saudi platform now includes business accounts, payments and disbursements alongside personal accounts, international transfers, cards, children’s accounts and its Qattah group-expense product.

International expansion is already under way. Barq Fintech Pakistan received in-principle approval from the State Bank of Pakistan in October 2025 to develop consumer and merchant wallets. In January, the regulator separately selected Barq for its first regulatory sandbox cohort to test technology for inward remittances.

Barq was founded in 2023 by Ahmed Alenazi, who previously led stc pay. Alenazi was CEO when Western Union invested $200 million for 15% of stc pay in 2020, valuing the business at $1.3 billion, before stc pay subsequently transitioned into STC Bank.