Saudi digital payments company Barq announced on 15 September that it had closed a $329.5 million Series A funding round. The transaction valued the company at $1.85 billion. Noon Investments, Sohar International Bank and M20 Fund participated.
USE OF FUNDS AND SERVICES
The funding will support product development, operational efficiency and entry into additional markets, the company said. The business provides digital-wallet and international-remittance services.
The company reported more than 15 million users and cumulative funds processed exceeding SAR440 billion.
EXPANSION AND PARTNERSHIPS
Barq’s stated next phase includes expansion into regional and international markets. The company has also announced agreements with Mastercard, UnionPay International and Geidea.
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