Saudi digital payments company barq has raised SR1.24 billion ($329.5 million) in a Series A funding round, taking its valuation to $1.85 billion and making it the Kingdom’s newest billion-dollar technology company.
The round attracted investment from Noon Investments, Sohar International Bank and M20 Fund. Barq said the fresh capital will support product development, improve operational efficiency and fund expansion across regional and international markets.
Barq has crossed 15 million users within 2 years, while the total value of funds processed through its platform has exceeded SR440 billion.
Saudi Minister of Communications and Information Technology Abdullah Al-Swaha described barq as another homegrown success story driven by the ambition of the Kingdom’s people.
“With the support of His Royal Highness, and the enthusiasm and determination of the sons and daughters of this great nation, we have grown accustomed to witnessing Saudi success stories that began with ambitions that know no impossibility and ended with exceptional, inspiring achievements,” he said in a post on X.
The funding also reflects the broader expansion of Saudi Arabia’s fintech sector, supported by digital-payment adoption, regulatory initiatives, a young and connected population and Vision 2030’s focus on digital financial services.
Economic researcher Abdalla Elsayed of City St George’s, University of London, said the funding signals a new phase for Saudi fintech.
“Barq’s Series A is more than a company-specific milestone; it is a clear signal that Saudi Arabia’s fintech ecosystem is entering a deeper scale-up phase,” he said.
Barq is also expanding its payments ecosystem through partnerships with Mastercard, UnionPay International and Geidea. The collaborations cover areas including digital financial services, card acceptance, cross-border payments and merchant acceptance.
The latest funding makes barq the newest Saudi fintech to reach unicorn status. Before barq, quick-commerce company Ninja became a unicorn in July 2025 after reaching a $1.5 billion valuation.
As more Saudi startups reach billion-dollar valuations, the next stage is expected to place greater focus on sustainable economics, governance, customer retention and clear paths to profitability.
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