barq has closed a US$329.5 million Series A round in Saudi Arabia, becoming the country’s latest fintech unicorn. The deal values the company at US$1.85 billion.
Noon Investments, Sohar International Bank and M20 Fund took part in the round. It comes about two years after barq launched its digital wallet and payments app in Saudi Arabia.
barq now serves more than 15 million users from over 210 nationalities.
The company has processed more than SAR 440 billion, around US$117 billion, in funds since launch.
barq plans to use the new capital to expand in Saudi Arabia and enter new markets.
The company is licensed by the Saudi Central Bank (SAMA) and offers personal accounts, cards, domestic transfers and international transfers. It is also developing products for business customers.
The raise adds to broader growth in Saudi Arabia’s fintech sector, which the government has linked to its Vision 2030 economic plan.
Featured image: Edited by Fintech News UAE, based on image by swampfire via Magnific
