Barq, a digital payments company based in Riyadh, has raised Series A funding amounting to 1.24 billion Saudi riyals, equivalent to $329.5 million. Thanks to this investment round, the company's valuation reached $1.85 billion, officially making Barq a unicorn. This success was achieved just two years after its launch in 2023, making it one of the fastest in the region.
The announcement of the fundraising was made at the Money20/20 Middle East event in Riyadh on September 15, 2026. Participants in this round included Noon Investments, Sohar International Bank, and M20 Fund. This investment indicates that major regional investors believe in Barq's potential to become much more significant than just a Saudi wallet.
Before Barq, the last Saudi startup to achieve unicorn status was the retail platform Ninja, which reached a valuation of $1.5 billion in July 2025. Barq surpassed this benchmark, managing to build a massive user base in record time.
The company holds a license from the Saudi Central Bank (SAMA), which is an important factor of trust. Users can open an account in minutes, regardless of their citizenship, and instantly access virtual and physical cards, conduct domestic transfers via Mada, and carry out international money transfers to many countries.
A distinctive feature of Barq is its initially high degree of inclusivity. The platform supports users from 210 nationalities, reflecting the diversity of Saudi Arabia. Furthermore, Barq has implemented features actively used by users to interact with friends and family, such as bill splitting and group payments, locally known as Qatta.
The new funding will be directed towards strengthening the current user experience and preparing for expansion outside Saudi Arabia. The main focus will be on product development, including creating additional tools for small businesses, improving multi-currency support, and enhancing expense control. Operational efficiency is also planned to be increased, which implies faster transfers, a reduction in failed international transactions, and the implementation of artificial intelligence for better fraud detection.
Expansion is also a key part of the plans. Earlier this year, Barq partnered with Alipay+ to enable cross-border QR payments in over 220 markets, allowing, for example, a user from Saudi Arabia to pay for purchases in Dubai, Bangkok, or London.
Zain Farooq, who leads Barq PK in Pakistan, described the group as a single entity with a common goal, suggesting that Pakistan will likely be one of the first international launch points. This funding round signals that the Saudi fintech ecosystem is moving from early experiments to real scaling capable of serving millions of people. With fresh capital of $329.5 million and a proven product used by 15 million people, Barq is ready to challenge the largest wallets in the region and become the primary financial application for everyone living in the Gulf Cooperation Council (GCC) countries.