Saudi fintech Barq wins Money20/20 award for rapid global growth

Saudi fintech company Barq has received the Money20/20 Global Growth Grid award, marking a significant achievement that highlights its rapid expansion since launch and underscores the growing global presence of Saudi financial technology firms.

According to an attached statement, Barq launched its services in August 2024, reaching one million users within three weeks and seven million by the end of its first year. The company’s user base has now surpassed 15 million in less than two years. The total value of transactions processed through its platform has exceeded 440 billion riyals (approximately $120 billion).

On the investment front, Barq raised $329.5 million in its Series A funding round, achieving a valuation of $1.85 billion. This marks one of the largest funding rounds in the fintech sector and places Barq among the region’s unicorn companies in under two years.

The company continues to strengthen its digital financial ecosystem and expand its services for individuals and businesses. Recently, Barq launched business banking services and received preliminary approval from the Saudi Central Bank to add lending activities, aiming to offer comprehensive digital financial solutions.

Barq plans to expand into Gulf Cooperation Council markets and the wider region, starting with Pakistan. The company expects its revenues to exceed $500 million by 2027 and is targeting readiness for an initial public offering by the end of 2028, in line with Saudi Vision 2030 goals for developing the financial sector and digital economy.