A new Saudi fintech startup called Barq, led by the former STC Pay CEO Ahmed Alenazi, has been officially launched in Saudi Arabia.

Barq is a financial app that allows global money transfers to over 200 countries and offers virtual and physical Visacards with zero annual or international fees.

It provides access to 25 airport lounges worldwide as well as discounts on hotels and resorts. 

Barq has already transferred $133 million in just three weeks and gained over 1 million users since securing an e wallet license from the Saudi Central Bank in January 2024.

Barq: A New Financial Powerhouse

In the dynamic landscape of Saudi Arabia’s burgeoning fintech industry, a newcomer, Barq, has swiftly risen to prominence, capturing the attention of consumers and industry experts alike. 

Barq’s journey began in earnest when it secured an e-wallet license from the Saudi Central Bank (SAMA) in January 2024, paving the way for its official launch. 

This crucial regulatory approval not only lent credibility to the startup but also opened doors for it to offer a comprehensive suite of financial services tailored to the needs of the Saudi market.

A Visionary Leader at Barq

The driving force behind Barq’s meteoric success is none other than Ahmed Alenazi, a seasoned veteran in the financial sector. 

Alenazi’s extensive experience, having previously held the reins as CEO of STC Pay from 2019 to 2022, has undoubtedly played a pivotal role in shaping Barq’s strategic vision and execution. 

Additionally, his tenure at prominent institutions such as National Commercial Bank and Bank Albilad’s Enjaz division has equipped him with a deep understanding of the industry’s intricacies.

Barq’s Limitless App

At the core of Barq’s offering is a feature-rich financial app facilitating seamless transfers to over 200 countries worldwide. 

Barq has incorporated a unique marketplace and game center within its app to enhance user engagement and foster loyalty. This gamified approach allows users to earn cashback rewards, creating an incentive for them to participate actively in the platform’s ecosystem.

Barq: More than Money Transfers

However, Barq’s services extend far beyond mere money transfers. The startup has introduced a range of innovative products, including virtual and physical Visa cards that come with many benefits. 

These cards offer features such as subscription management, spending limits, and, most notably, complimentary access to 25 airport lounges across the globe. 

Additionally, cardholders can enjoy perks like travel insurance and discounts on hotels and resorts, making Barq an attractive proposition for frequent travelers. Barq has also introduced an exciting Spin the Wheel cashback game, allowing users to earn up to 100% cashback on purchases.

Rapid Adoption by Public

Barq’s offerings have resonated strongly with consumers, as evidenced by the staggering 1 million users it has onboarded since its launch. What’s more remarkable is the diversity of its user base, with the startup claiming to have served customers from 85 different nationalities. 

Barq’s global reach and the company’s claim of providing the best exchange rates in the Kingdom have undoubtedly resonated with consumers seeking convenient and cost-effective cross-border transactions.

Barq’s Partnership with Thunes

In June, in a strategic move to bolster its cross-border payment capabilities, Barq partnered with Singapore-based B2B payments infrastructure firm Thunes. 

This collaboration enabled Barq to integrate Thunes’ Pay and Accept cross-border payment solutions, allowing its customers to transact real-time transfers to over 3 billion mobile wallets and 4 billion bank accounts across more than 130 countries.

Saudi’s Digital Transformation

Saudi Arabia’s Vision 2030 has strongly emphasized digital transformation and Barq’s emergence aligns perfectly with this national agenda. 

As the Kingdom continues to foster an environment conducive to innovation and entrepreneurship, fintech startups like Barq are poised to play a pivotal role in driving financial inclusion and accessibility.

Barq’s Promising Future Ahead

The rapid ascent of Barq serves as a testament to the immense potential of the fintech industry in Saudi Arabia. 

With its innovative approach, customer-centric offerings, and a visionary leader at the helm, Barq is well-positioned to cement its status as a leading player in the Kingdom’s financial services sector. 

More Saudi Startup’s Developments

Rasan’s IPO Listing

Rasan, the Saudi fintech firm behind the well-known online insurance platform Tameeni, is now listed on the Saudi Tadawul Stock Exchange. 

The initial public offering (IPO) brought in over $224 million, boosting its market value to 3.65 billion SAR and exceeding expectations by 129 times. 

Rasan is the second Saudi tech company to go public, following Jahez, the online delivery service that debuted in 2022.

Rize’s $2.9 Million Collection

Rize, a Saudi PropTech (Property Technology) business, has successfully collected $2.9 million in a seed investment round, with assistance from SEEDRA Ventures and a number of angel investors, 

The company was founded in 2021 with the goal of providing a rent now, pay later solution to lower the cost of renting in Saudi Arabia.

Rize wants to standardize monthly payments in residential and business leases throughout Saudi Arabia by letting renters control their rent in convenient monthly installments.

Tamara’s Unicorn Valuation 

Tamara, a fintech firm based in Saudi Arabia, has achieved unicorn status, becoming the first start-up company in the Kingdom to be valued at $1 billion. 

Tamara is a Shariah-compliant company that serves over 10 million people in the GCC with its buy now pay later offers. The business intends to grow into banking and retail payment services. 

Tabby’s Unicorn Valuation

Tabby, a buy now, pay later platform, has achieved a unicorn status with a valuation of $1.5 billion, placing it among the top billion-dollar startups in the Middle East and North Africa.

The company has announced its intention to relocate its headquarters to Riyadh and plans to go public on the Saudi Tadawul stock exchange.

Keep Reading: Tabby, The Buy Now Pay Later Platform Reaches a Unicorn Valuation of $1.5 Billion