Saudi digital payments firm barq has closed a SR1.24 billion (USD 329.5 million) Series A funding round that values the company at USD 1.85 billion, making it the Kingdom’s newest unicorn. The capital raise attracted participation from Noon Investments, Sohar International Bank and M20 Fund and will be used to accelerate product development, improve operational efficiency and support expansion into regional and international markets. “With the support of His Royal Highness, and the enthusiasm and determination of the sons and daughters of this great nation, we have grown accustomed to witnessing Saudi success stories that began with ambitions that know no impossibility and ended with exceptional, inspiring achievements,” said Saudi Minister of Communications and Information Technology Abdullah Al‑Swaha . Barq has scaled rapidly since its launch, surpassing 15 million users within two years and processing more than SR440 billion through its platform. The company’s rise to a USD 1.85 billion valuation follows a broader acceleration in Saudi technology financing and comes after quick‑commerce company Ninja reached a USD 1.5 billion valuation in July 2025. Investors, partnerships and product push The Series A round listed several institutional backers, notably: Noon Investments Sohar International Bank M20 Fund Barq has also been expanding its payments ecosystem through strategic partnerships unveiled at Money20/20 Middle East in Riyadh. The company announced collaborations with Mastercard to explore payments and digital financial services opportunities, UnionPay International to expand card acceptance and cross‑border solutions, and Geidea to strengthen merchant acceptance across the Kingdom. Abdalla Elsayed , an economic researcher at City St George’s, University of London, described the funding as a sign of the sector’s maturing scale-up phase. “Barq’s Series A is more than a company-specific milestone; it is a clear signal that Saudi Arabia’s fintech ecosystem is e…