In a brief span of three weeks, the digital wallet, Barq, spearheaded by the ex-CEO of Stc Pay, has amassed a user base of 1 million.
Barq Fintech Soars in Saudi Arabia's Digital Payments Landscape
Barq, a Saudi fintech company led by Ahmed Alenazi, has made a significant impact in the Kingdom's digital payments sector. In just over a year of operation, Barq has garnered 7 million users, issued over 6.5 million cards, and processed an impressive SAR 73 billion ($19.5 billion) across more than 500 million transactions[1][2].
The fintech's user base is diverse, representing over 150 nationalities, and its business model is centred around low-cost, high-velocity payments, driving rapid volume growth[1]. Although specific growth rate percentages are not disclosed, the rapid expansion of its user base and transaction volumes within a year is a testament to its robust expansion.
Barq's services primarily focus on digital payments and prepaid card issuance. The prepaid card, once a simple payment tool, has evolved into a comprehensive payments platform, with increased top-ups and spending multiples[2].
In the last three weeks alone, Barq users have moved over half a billion riyal ($133 million), without specifying the breakdown of local versus international transactions. In January this year, Barq received an e-wallet license from the Saudi Central Bank (SAMA)[3].
The Barq app offers a marketplace and game centre where users can earn cashback rewards. Founded last year, Barq provides digital personal accounts with local and international transfers, and Visa cards[4]. The Barq financial app, launched this month, has a monthly transfer/deposit limit of SAR 100,000 ($26,650)[5].
Since its launch, Barq has served users from 85 nationalities and issued 600,000 cards. The fintech offers both virtual and physical Visa cards, complete with features such as subscription management, spending limits, access to 25 airport lounges, and various other benefits and perks[6].
Under Ahmed Alenazi's leadership, Barq has scaled rapidly and gained broad adoption in the Saudi fintech landscape[1][2]. In the three weeks following its public launch, Barq onboarded over 1 million users[7]. These achievements underscore Barq's rapid scale and broad adoption in the Saudi fintech landscape.
[1] https://www.arabnews.com/node/1856031/business-economy [2] https://www.arabnews.com/node/1856031/business-economy [3] https://www.arabnews.com/node/1856031/business-economy [4] https://www.arabnews.com/node/1856031/business-economy [5] https://www.arabnews.com/node/1856031/business-economy [6] https://www.arabnews.com/node/1856031/business-economy [7] https://www.arabnews.com/node/1856031/business-economy
- Due to its rapid expansion and focus on low-cost, high-velocity payments, Barq Fintech's business model in the digital payments sector strongly incorporates elements of both finance and technology.
- In the Saudi Arabian business landscape, Barq Fintech's significant growth, demonstrated by its high volume of transactions and diverse user base, showcases the potential for technological innovation in the finance industry.
