Barq, a Saudi fintech, founded and led by former CEO of Stc Pay Ahmed Alenazi, has onboarded over 1 million users in just three weeks after its public launch, the startup announced on Tuesday. The fintech received an e-wallet license from the Saudi Central Bank (SAMA) in January this year.
Founded last year, Barq offers digital personal accounts that come with local and international transfers, and Visa cards. The startup, (which started as Barraq and later rebranded to Barq), launched its financial app (or mobile wallet) earlier this month with a monthly transfer/deposit limit of SAR 100,000 ($26,650). The other digital wallets allow users to add up to SAR 20,000 ($5,330) every month.
Barq allows users to transfer money to over 200 countries, and claims to offer the best exchange rate in the Kingdom. It offers both virtual and physical Visa card that comes with features like subscription management, and spending limits. The cards also offer users access to 25 airport lounges in the world, and different other benefits and perks.
The app also features a marketplace and game center, where users can win cashback rewards.
The Saudi startup says it has served users from 85 nationalities and issued 600,000 cards since launch. It also stated that its users have moved over half a billion riyal ($133 million) in the last three weeks, without disclosing the breakdown of local versus international transactions.
Ahmed Alenazi, founder and CEO of Barq, previously led Stc Pay as CEO from 2019 to 2022, after joining the company as Vice President of Business in 2018. During his tenure, STC Pay grew to 8 million users across Saudi Arabia and Bahrain and secured a $200 million investment from Western Union for a 15% stake.
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