New fintech Barq led by former STC Pay CEO launches in Saudi Arabia

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.