Business · Companies · 5 hrs ago
Saudi fintech Barq wins Money20/20 growth award
Saudi fintech company Barq won the Money20/20 Global Growth Grid award for its rapid growth.
Since launching in August 2024, it has passed 15 million users and processed more than 440 billion riyals in transactions.
Barq raised $329.5 million in Series A funding at a $1.85 billion valuation, making it a fintech unicorn.
It recently launched banking services for businesses and received preliminary approval from the Saudi Central Bank to add financing.
The company plans to expand across Gulf and regional markets, starting with Pakistan, and expects revenue to exceed $500 million in 2027.
It aims to be ready for an IPO by the end of 2028 as it pursues regional growth.
Saudi fintech company Barq won the Money20/20 Global Growth Grid award.
The company has more than 15 million users and says funds transacted through its platform exceed 440 billion Saudi riyals.
Barq raised $329.5 million in a Series A round at a valuation of $1.85 billion.
It launched business banking services and received preliminary approval from the Saudi Central Bank to add financing activities.
Barq plans to expand into Gulf and regional markets, starting with Pakistan, and aims to be ready for an initial public offering by the end of 2028.
- Who
- Saudi fintech company Barq.
- What
- It won the Money20/20 Global Growth Grid award.
- When
- The award was reported on October 20, 2026. The award date is not stated.
- Where
- The award is associated with Money20/20. The ceremony location is not stated.
- Why
- The award recognized Barq’s rapid growth.
This story does not have two clearly opposing sides.
Barq launched its services.
Barq had attracted one million users.
Barq had seven million users.
Okaz reported that Barq had won the Money20/20 Global Growth Grid award.
- Award
- Money20/20 Global Growth Grid
- Users
- More than 15 million
- Funds transacted
- More than 440 billion Saudi riyals
- Series A funding
- $329.5 million
- Valuation
- $1.85 billion
- IPO readiness target
- By the end of 2028