New fintech Barq led by former STC Pay CEO launches in Saudi Arabia
Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.
Barq launches in Saudi Arabia
Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.
In addition, Barq also provides virtual and physical Visa cards with features like subscription management, spending limits, no annual or international fees, access to 25 airport lounges worldwide, travel insurance, and discounts on hotels and resorts.
The app also includes a marketplace and game centre, allowing users to earn cashback rewards.
Barq secured an e-wallet licence from the Saudi Central Bank (SAMA) in January 2024 and has quickly gained traction, claiming to have already onboarded over 1 million users since its launch.
Founder and CEO Ahmed Alenazi brings a wealth of experience to the company, having previously served as CEO of STC Pay from 2019 to 2022. He also held key roles at National Commercial Bank and was the general manager of Bank Albilad’s Enjaz division for over three years.
In June, Barq partnered with Singapore-based B2B payments infrastructure firm Thunes to integrate Thunes’ Pay and Accept cross-border payment solutions, allowing its customers to make real-time transfers to over 3 billion mobile wallets and 4 billion bank accounts in more than 130 countries.
