RIYADH, Saudi Arabia, October 22nd, 2026, FinanceWire
Surpassing 15 million users and reaching a USD 1.85 billion valuation within two years of launch
RIYADH, Saudi Arabia, October 22, 2026 (EZ Newswire) — barq has won the Money20/20 Global Growth Grid award, a new milestone that reflects the company’s rapid growth since its launch and underscores the rising global presence of Saudi fintech companies. The award crowns barq’s exceptional journey, which has placed it among the fastest-growing fintech companies worldwide.
Since launching its services in August 2024, barq has achieved record growth rates. It attracted 1 million users within three weeks and 7 million users by the end of its first year, before its user base exceeded 15 million in just two years. The total value of funds transacted through its platform has surpassed SAR 440 billion, equivalent to approximately USD 120 billion.
barq’s achievements have also extended to investment. The company raised USD 329.5 million in its Series A funding round at a valuation of USD 1.85 billion, marking one of the largest funding rounds in the fintech sector. With this, barq joined the ranks of unicorn companies less than two years after launching its services.
barq continues to strengthen its digital financial ecosystem and expand its services for individuals and businesses. It recently launched its business banking services and received initial approval from the Saudi Central Bank (SAMA) to add financing to its activities, a step that supports its drive to offer integrated digital financial solutions that meet the needs of different customer segments.
Looking ahead, barq aims to expand into GCC and regional markets, starting with Pakistan. Its revenues are expected to exceed half a billion U.S. dollars in 2027, and it is targeting IPO readiness by the end of 2028. These goals reflect the company’s ambition to strengthen its regional and global presence and to contribute to Saudi Vision 2030 targets for developing the financial sector and the digital economy.
About barq
barq is a Saudi Arabian financial technology (fintech) and digital wallet service launched by Barraq Finance Company, led by founder and former STC Pay CEO Ahmed Alenazi. Barraq Finance Company is a closed joint-stock company established under the laws of the Kingdom of Saudi Arabia and registered in the Commercial Register in Riyadh under unified number 7029786717.
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SOURCE: barq