barq raises $329.5 million to expand its digital finance platform
The Saudi fintech plans to build out products and operations as it takes its consumer and merchant money services into more markets.
One app for consumers and merchants
barq brings everyday money services into a mobile app: consumers can manage accounts, send local and international transfers, and use Mada and Visa cards. Business accounts extend the platform to merchants that need to receive payments, manage funds and make disbursements.
That mix gives the company room to grow across both consumer payments and business services. The Series A will support product and technology development, operational efficiency and expansion into additional regional and international markets.
Use of funds
Strengthen operational efficiency
Develop products, services and technology solutions
Expand into additional regional and international markets