Saudi fintech startup Barq, under the leadership of Ahmed Alenazi, former CEO of Stc Pay, has quickly amassed over 1 million users within three weeks of its public launch, the company revealed on Tuesday. Earlier this year, Barq secured an e-wallet license from the Saudi Central Bank (SAMA), enhancing its regulatory standing.
Established last year, Barq has redefined personal banking by offering digital accounts that enable local and international transfers and come equipped with Visa cards. Initially named Barraq before rebranding, the startup launched its financial app this month, which allows monthly transfers and deposits up to SAR 100,000 ($26,650), significantly higher than other digital wallets which cap at SAR 20,000 ($5,330).
Barq’s service extends to over 200 countries and boasts of providing the most competitive exchange rates in the Kingdom. It offers both virtual and physical Visa cards packed with features such as subscription management and spending limits. Additionally, cardholders enjoy perks like access to 25 global airport lounges among other benefits.
The app also integrates a marketplace and a game center where users can earn cashback rewards. Since its launch, Barq has catered to users from 85 different nationalities and issued 600,000 cards. Over the past three weeks, users have transacted more than half a billion riyal ($133 million), though the company has not specified the ratio of local to international transactions.
Ahmed Alenazi, who spearheaded Stc Pay’s growth to 8 million users and a $200 million investment from Western Union, aims to replicate and surpass these achievements with Barq.
