Arab News | Saudi fintech barq becomes Kingdom’s newest unicorn after $329.5m funding round

RIYADH: Saudi fintech barq has raised SR1.24 billion ($329.5 million) in a Series A funding round, lifting its valuation to $1.85 billion and making it the Kingdom’s newest billion-dollar technology company.

The digital payments firm said the round attracted participation from Noon Investments, Sohar International Bank and M20 Fund, with the capital set to support product development, operational efficiency and expansion into regional and international markets.

The latest Saudi startup to achieve unicorn status before barq was quick-commerce company Ninja, which reached a $1.5 billion valuation in July 2025.

The Kingdom’s growing roster of billion-dollar startups comes amid regulatory support, government initiatives and investor interest across sectors including fintech, artificial intelligence, e-commerce and logistics.

Saudi Minister of Communications and Information Technology Abdullah Al-Swaha said barq represented 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.

Fintech growth

Barq has surpassed 15 million users within two years, while the value of funds processed through its platform has exceeded SR440 billion.

Abdalla Elsayed, economic researcher at City St George’s, University of London, told Arab News the funding signals a shift in the development of Saudi Arabia’s fintech industry.

“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.

Elsayed highlighted rapid digital-payment adoption, a young and highly connected population, regulatory support and Vision 2030’s push to expand digital financial services as factors underpinning the sector’s growth.

Expansion push

The funding comes as barq expands its payments ecosystem through domestic and international partnerships.

At Money20/20 Middle East in Riyadh, barq announced collaborations with Mastercard to explore opportunities across payments and digital financial services, UnionPay International to expand card acceptance and cross-border solutions, and Geidea to strengthen merchant acceptance across the Kingdom.

Elsayed said the emergence of more Saudi fintech unicorns demonstrates the Kingdom’s potential to produce regional technology companies.

He added that the next phase would be more selective, with valuations increasingly needing support from sustainable economics, governance, customer retention, and a clear path to profitability.