Saudi Electricity secures largest Series A funding

The digital payments company "Barq" has closed a Series A investment round exceeding 1.12 billion SAR (approximately $329.5 million), raising its valuation to $1.85 billion. This makes it one of the largest funding rounds for fintech companies in the region. The round contributed to rapid expansion in the Saudi market, where the number of users of its digital wallet surpassed 10 million, up from 7 million in the first year. The company also recorded over 500 million financial transactions valued at 73 billion SAR and issued more than 6.5 million digital payment cards. These developments come amid unprecedented growth in Saudi Arabia's fintech sector, which now includes 371 fintech companies, with cumulative investments exceeding 30 billion SAR expected by mid-2026. The country is witnessing increased reliance on digital payments and a significant expansion in fintech technology adoption.

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