Ahmed Al-Anazi: The Success Story of a Saudi Employee Who Became a Billionaire
Mahmoud Al-Farouq: From a banking sector employee to co-founding one of the fastest-growing fintech companies in Saudi Arabia, entrepreneur Ahmed Al-Anzi has written a success story in just a few years, culminating in his company, Barq, reaching a valuation of $1.85 billion following the closure of a Series A funding round worth $329.5 million. Al-Anzi serves as the Chief Executive Officer of Barq, which he co-founded in 2023. The app currently boasts over 15 million users from more than 210 nationalities. With the company’s new valuation, Al-Anzi has emerged as one of the standout success stories among Saudi fintech entrepreneurs.
Barq operates as a digital wallet and financial services platform, consolidating a range of services including account opening, money transfers, card issuance, electronic payments, and digital shopping. The app enables users to manage their funds, make payments, and conduct transfers via their mobile phones, alongside other services tailored for everyday financial needs. The Barq ecosystem facilitates local transfers between users and bank accounts, as well as international remittances. It offers cross-border money transfer services through options such as cash pickup, bank transfers, and digital wallets, supporting transfers in over 200 currencies, according to the app’s official website. Additionally, users can transfer funds from their wallet balances to bank accounts both within and outside the Kingdom, as well as transfer between wallets.
The platform provides both digital and plastic payment cards, including Mada and Visa cards, with the ability to control spending limits, temporarily freeze, and reactivate cards directly through the app. Barq also offers money and card management services, loyalty and rewards programs, dedicated accounts for children, and expense-splitting features for groups. Furthermore, Barq has expanded into the business sector, offering services such as account management, payments, transfers, multi-currency handling, and expense analytics.
Alongside its growing user base, the value of funds transacted through Barq has surpassed SAR 440 billion, according to the latest data released by the company. The app’s user base has exceeded 15 million within two years, representing more than 210 nationalities, as the company continues to expand its range of digital financial products and services. These figures reflect the broadening adoption of the platform since its launch, marking its evolution from a simple payment and transfer app into a comprehensive digital financial services ecosystem.
Barq’s most significant milestone came with the closure of its new funding round at $329.5 million, involving participation from Noon Investments, Bank Muscat International, and M20 Fund, which raised the company’s valuation to $1.85 billion. This valuation places Barq among private fintech companies that have surpassed the $1 billion mark, commonly known as “unicorn” startups. The new funding is expected to support the company’s next phase of growth, including product and service development, operational efficiency enhancements, investment in new financial and technological solutions, and expansion into regional and international markets.
In this trajectory, Barq has transformed over approximately three years—since its founding in 2023—from a startup into a major digital financial platform handling hundreds of billions of riyals and serving over 15 million users from diverse nationalities.
