Saudi fintech Barq raises $329.5 mn Series A, becomes unicorn
Barq secured a $329.5 million Series A round at a $1.85 billion valuation, marking its entry into the unicorn club and signalling strong growth in Saudi fintech.
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Fintech funding in Saudi Arabia has no direct effect on listed PSX companies, so watch for possible indirect inspiration to local tech firms.
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Sectors: Technology — Neutral · Watch. PSX tickers: MEBL, MCB, UBL, HBL, BAHL, FABL. Fintech funding in Saudi Arabia has no direct effect on listed PSX companies, so watch for possible indirect inspiration to local tech firms.
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Open on Business Recorder## Funding round and valuation
Barq, a Saudi‑based fintech firm, announced the closure of a $329.5 million Series A financing round. The investment values the company at $1.85 billion, officially granting it unicorn status.
## Investors and strategic intent
The round was led by Noon Investment, with participation from Sohar International Bank and M20 Fund. Barq’s Managing Director for Pakistan, Zain Farooq, said the capital will provide “fresh momentum for the next phase of growth in Saudi Arabia and beyond.”
## Business performance to date
Within two years of operation, Barq has processed more than SAR 440 billion (approximately $117 billion) for over 15 million users spanning more than 210 nationalities. The company attributes its rapid scaling to supportive policies under Saudi Arabia’s Vision 2030 programme.
## Pakistan arm’s perspective
Farooq, who heads Barq’s Pakistan operations, emphasized that the Pakistani unit is fully integrated with the global group and will benefit from the group’s expansion plans. He highlighted the leadership of CEO Ahmed Alenazi for building the platform at “extraordinary speed.”
## Market relevance
While the financing does not involve any Pakistani listed company directly, the development underscores the accelerating fintech ecosystem in the Gulf, which could inspire similar ventures and investor interest in Pakistan’s technology and financial services sector.