The barq story: how barq became a Saudi unicorn in two years
The story of barq and its founder Ahmed Alenazi: from the remittances department at Bank Albilad and running stc pay, to a digital wallet that hit 1 million users in 21 days, and a $329 million Series A at a $1.85 billion valuation.
Full film transcript
One million users, in 21 days.
That's what happened to a Saudi app when it launched in the summer of 2024.
Its name: barq. And just two years later, it was a unicorn.
Its founder, Ahmed Alenazi, studied economics at King Saud University.
He worked for years in banking and ran the remittances department at Bank Albilad.
Then he became CEO of stc pay.
So he knew the digital wallet market from the inside.
In 2023 he founded barq and got a wallet license from the central bank.
The idea: local and international transfers, cards, and splitting the bill with your friends, all from one app.
The secret: millions of residents in Saudi Arabia send money to their families every month.
Today, barq's users come from more than 210 nationalities.
And the numbers grew fast: more than 15 million users.
More than 440 billion riyals has passed through the app, according to the company.
In September 2026, barq raised $329 million.
At a valuation of $1.85 billion.
Reportedly, it is the largest Series A in Saudi history.
And it became the newest Saudi unicorn.
And it didn't stop: it expanded to Pakistan and agreed to acquire Bahrain's Beyon Money, pending approvals.
The lesson for you as a founder: sometimes the best idea is the one you saw with your own eyes in your old job.
Follow us at Saudi Founders.
Detailed figures and sources are in the barq profile in the directory.
