Saudi digital payments company Barq closed a $329.5 million Series A funding round, according to reports published on 15 September. The transaction valued the company at $1.85 billion. Noon Investments, Sohar International Bank and M20 Fund participated.
S&P Capital IQ recorded the financing as an issuance of convertible preferred stock. Its transaction report identified $1.85 billion as the post-money valuation. That valuation measures the company after the financing, rather than the amount of new capital raised.
INVESTORS AND TRANSACTION STRUCTURE
The funding will support product development, operating improvements and entry into additional markets, WAYA reported. The business provides digital-wallet and international-remittance services.
WAYA reported more than 15 million users and cumulative funds processed exceeding SAR440 billion. These operating figures were reported alongside the financing and are not revenue or profit measures.
PRODUCT DEVELOPMENT AND MARKET ENTRY
The reports did not provide an allocation of the new funding among the named investors. Nor did they disclose a timetable for converting the preferred shares.
Barq’s stated next phase includes expansion into regional and international markets. Specific destinations and launch dates were not identified in the reports, leaving those announcements as the next milestones for its expansion plans.