Barq

Founded in 2023 by CEO Ahmed Alenazi and based in Riyadh, Saudi Arabia, Barraq Finance Company d. b. a. Barq is a financial technology company that provides digital payments, money transfers, accounts, cards, and related financial services through its platform.

In September 2026, Barq raised USD 329. 5 million in series A funding from M2O, Noon, and Sohar International. The series A funding values the company at USD 1. 85 billion post-money.

Barq is a digital financial services and mobile payments platform operating in Saudi Arabia. The platform provides personal current accounts, domestic payments, money transfers, international remittances, payment cards, cashback and rewards programs, gamified earning features, and a marketplace within its mobile application. Users can manage everyday financial transactions, make global transfers, access payment cards, participate in reward programs such as "Spin the Wheel," and use digital banking services through a single mobile app. The platform positions itself as a consumer fintech solution that combines banking, payments, rewards, and lifestyle services.

Based on the available information, key services include current accounts, international transfers, cards, gaming/rewards functions, and marketplace offerings. Barq likely generates revenue through payments and transaction fees, particularly from domestic and international money transfers. Additional revenue streams likely include foreign exchange spreads on international remittances, interchange revenue from card transactions, merchant partnerships within its marketplace, and commissions related to financial products and services offered through the platform. The company may also generate revenue from premium financial services, partner promotions, cashback ecosystem arrangements, and embedded financial products available through its app.

The primary revenue drivers appear to be payment processing, remittance services, card-related revenue, and marketplace-related commissions. The company plans to use the September 2026 funding to improve operational efficiency, accelerate product development, invest in new financial and technology solutions, and expand into regional and international markets.