Saudi digital payments platform barq has raised $329.5 million in a Series A funding round, valuing the company at $1.85 billion and making it the kingdom’s newest fintech unicorn. The round, led by Noon Investments, Sohar International Bank and M20 Fund, was announced on 15 September 2026 during Money20/20 Middle East in Riyadh.

barq was founded in 2023 by Ahmed Alenazi, its chief executive and the former head of Saudi digital payments company stc pay, alongside Saudi business leader Faisal AlRumayyan. The company operates as a licensed closed joint stock company regulated by the Saudi Central Bank (SAMA).

Scale behind the valuation

barq says it has surpassed 15 million users across more than 210 nationalities within two years of launch, processing more than SAR440 billion ($117.3 billion) in transactions. Its consumer products span personal accounts, cards, domestic and international transfers, a payment splitting feature called Qatta, and a rewards programme, alongside newer business focused tools including fund management, group accounts, and multi currency and foreign exchange services.

Building international reach

The company has integrated with Western Union for international money transfers and partnered with Alipay+ in May 2026 to enable cross border QR code payments, extending its network beyond Saudi Arabia. barq said the new funding would go towards strengthening operational efficiency, accelerating product development, investing in technology, and expanding into further regional and international markets.

Also, read Foodics Launches Capital 2.0, an AI-Driven Restaurant Financing at Money20/20

A sector scaling alongside it

The raise lands as Saudi Arabia’s fintech sector itself scales quickly. SAMA governor Ayman Al-Sayari said at the same Money20/20 event that the kingdom’s fintech sector had grown to 371 licensed companies as of August 2026, up 23% from 301 in May, with electronic payments accounting for 85% of retail transactions by the end of 2025, part of a National Fintech Strategy targeting 525 active companies by 2030.

Abdalla Elsayed, an economic researcher at City St George’s, University of London, said the round signalled Saudi Arabia’s fintech sector entering a deeper scale-up phase, adding that sustainable economics and profitability would matter more to how future rounds in the sector are valued.

Why it matters

barq’s valuation puts it among a small group of Saudi fintechs to reach unicorn status within two years of launch, at a moment when the kingdom’s regulator is actively citing fintech company counts and payment adoption rates as national policy metrics. The Alipay+ partnership also gives barq cross-border reach that most domestically focused Saudi payments apps do not yet have.

What’s next

barq has not disclosed a specific timeline for the international expansion its new funding is meant to support, nor named which additional markets it is targeting beyond its existing Alipay+ integration. Whether the round’s scale translates into disclosed profitability, the metric Elsayed flagged as the next test for Saudi fintech valuations, is the detail worth tracking.