Founded last year, Barq is a fintech start-up offering a financial app that allows users to transfer money to over 200 countries. Within just three weeks of its launch, the company has transferred over $133 million (SAR 500 million). Barq also provides virtual and physical Visa cards with features like subscription management, spending limits, and no annual or international fees. The app includes additional perks like access to airport lounges, travel insurance, and cashback rewards through its marketplace and game centre.
Barq secured an e-wallet license from the Saudi Central Bank (SAMA) in January 2024 and has already attracted over 1 million users. The start-up is led by CEO Ahmed Alenazi, a former CEO of STC Pay with extensive experience in the banking sector. In June, Barq partnered with Singapore-based Thunes to integrate cross-border payment solutions, enabling real-time transfers to billions of mobile wallets and bank accounts across 130+ countries.
