- Company Overview: Barq is a Saudi financial services start-up founded in 2023 and led by former STC Pay CEO Ahmed Alenazi. The company officially launched to the public recently.
- Key Features and Offerings:
- Financial App: Barq’s app allows users to transfer money to over 200 countries. It has processed over $133 million (SAR 500 million) in transfers within three weeks of its launch.
- Virtual and Physical Visa Cards: The app provides Visa cards with features such as subscription management, spending limits, no annual or international fees, access to airport lounges, travel insurance, and discounts on hotels and resorts.
- Additional Services: The app also includes a marketplace and game center, where users can earn cashback rewards.
- Regulatory Approval: Barq secured an e-wallet license from the Saudi Central Bank (SAMA) in January 2024.
- User Growth: Since its launch, Barq claims to have onboarded over 1 million users.
- Leadership: Founder and CEO Ahmed Alenazi has extensive experience in financial services, having previously served as CEO of STC Pay and held key roles at National Commercial Bank and Bank Albilad.
- Partnership with Thunes: In June, Barq partnered with Singapore-based Thunes to integrate its Pay and Accept cross-border payment solutions, enabling real-time transfers to over 3 billion mobile wallets and 4 billion bank accounts across more than 130 countries.
