Saudi Payments Firm Barq Raises $329.5M Series A at $1.85B Valuation
The SAMA-licensed company founded in 2023 by former stc pay chief Ahmed Alenazi brings in Noon Investments, Sohar International Bank and M20 Fund.
Tariq Benali Tariq Benali covers business and corporate news across the UAE and MENA for Anecdoted, tracking the deals, leadership moves and regulatory shifts behind the region's companies. tariq@anecdoted.com
Barq, a Saudi digital payments company, has closed a $329.5 million Series A round that values the business at $1.85 billion. The company announced the raise Tuesday in a statement.
Noon Investments, Sohar International Bank and M20 Fund all took part in the round.
The capital is earmarked for several purposes. Barq says it will use the money to tighten operational efficiency, speed up the development of financial products and services, and invest in new financial and technology solutions. Part of the funding is set aside for regional and international expansion.
Payments, transfers and a licence from SAMA
Barq was founded in 2023 by Ahmed Alenazi, who previously served as chief executive of stc pay, the Saudi digital payments firm. Barq holds a licence from the Saudi Central Bank, known as SAMA, and offers digital payments and money-transfer services through its platform.
The company reports more than 15 million users drawn from 210 nationalities, and says it has processed over $117.3 billion, or SAR 440 billion, since launch. Cross-border payments were extended through a partnership with Alipay+, and users can make QR payments at participating merchants in more than 220 markets.
Other large deals in regional fintech
Barq's round lands in a cluster of big Middle East fintech financings. Tabby, the Saudi buy-now-pay-later and financial services company, raised $233 million in equity on September 14 at a $6.5 billion valuation. Blue Pool Capital, an existing investor, led the round, with HSG, Wellington Management and Arbor Ventures also participating. Tabby intends to widen its credit and money-management offerings in Saudi Arabia and the UAE.
Tarabut, a financial infrastructure platform founded in Bahrain, secured $50 million on September 9 from Riyad Bank, the X-Tech Fund managed by SAB Invest, GIB Saudi Arabia, Zamil Group and Kanoo Ventures. It aims to expand embedded finance in Saudi Arabia. In August, the UAE-based fintech Fasset raised a $68 million Series C led by Japan's SBI Group and reached a $1 billion valuation.
A concentrated funding map
MAGNiTT data puts MENA fintech funding at $617 million in the first half of 2026, down 9% year on year. Saudi Arabia and the UAE together accounted for 85% of that total.
That concentration is the backdrop for Barq's raise. Money is flowing to a small number of firms in two countries, and those firms are consolidating scale rather than starting from scratch. Barq's plans point outward rather than inward: its QR network already reaches merchants in more than 220 markets, and the company says the fresh capital is meant to carry its payments and transfer business beyond Saudi Arabia.
