barq has closed a Series A funding round totalling $329.5m, valuing the Saudi digital payments company at $1.85bn.
The round included participation from Noon Investments, Sohar International Bank, and M20 Fund.
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In a brief LinkedIn post, barq confirmed the raise, stating: “barq closes a $329.5m Series A funding round at a $1.85bn valuation. Big numbers, made possible thanks to all of you.”
According to a report by Saudi Gazette, the proceeds will be used to support its “next phase of growth”. Priorities include improving operational efficiency, accelerating product and service development, investing in new financial and technology solutions, and expanding into additional regional and international markets.
The publication added that the fundraising and unicorn valuation place barq among the fastest-growing fintech companies in Saudi Arabia and the region.
barq, which caters to Saudi Arabia’s expatriate community, has surpassed 15 million users within two years of launch. The company’s user base spans more than 210 nationalities.
It supports cross-border remittances and wallet-to-wallet transfers, and said the value of funds processed has exceeded SR440bn ($116.46bn).
Last year, barq partnered with Thunes to expand its remittance capabilities. The collaboration enabled barq users to send money internationally using Thunes’ Direct Global Network.
The fundraising comes amid continued investment activity in Saudi Arabia’s fintech sector.
Recently, another Saudi fintech Tabby raised $233m in an equity financing round led by existing investor Blue Pool Capital, valuing the company at $6.5bn. Tabby plans to use the funding to expand beyond buy now, pay later (BNPL) into credit and money management services across Saudi Arabia and the UAE.
