One year after being founded, Saudi Arabian fintech, barq, has achieved a significant milestone as it enlists 1.6 million wallet users and account holders after its first full month of operation.
In January 2024, barq received its e-wallet licence from the Central Bank of Saudi Arabia (SAMA). Since then, the Saudi fintech has announced new partnerships, like its collaboration with Thunes, in preparation for its launch. Within the first 21 days of operation, barq surpassed one million users, establishing it as the fastest-growing private wallet globally, outside of China.
For comparison, it took Revolut a year to reach 100,000 users, while NuBank and CashApp each gained 10,000 users in their first month. Similarly, it had previously taken a Saudi digital wallet six months to achieve this many users.
barq’s success can be likened to PIX in Brazil and UPI in India as uptake numbers were similar, however, in both those cases, the service was government-mandated. barq separates itself from PIX and UPI as its growth is solely market-driven.
Faisal Alkhamisi, chairman of barq
The fintech’s achievement underscores the Kingdom’s rapid advancement in the fintech sector.
Supporting Saudi Arabia’s growth
Faisal Alkhamisi, chairman of barq commented: “Aligned with the ambitious goals of Vision 2030, our commitment to fintech is integral to fostering a thriving digital economy in the Kingdom. By adopting innovation and technology, we are not only contributing to the growth of the financial sector but also supporting the comprehensive economic growth envisioned for Saudi Arabia’s future. Saudi has proved that it is the right place for innovators and startups to scale up.”
Ahemd Alenazi, CEO of barq
Ahemd Alenazi, CEO of barq added: “Our team has built a company that stands at the forefront of fintech innovation in Saudi Arabia. Through dedication and expertise, we’ve created a platform that not only drives the future of finance but also sets new benchmarks in the industry. It’s an honour to work with such a passionate team, committed to transforming the financial landscape of the Kingdom.”
Setting a benchmark
Brett King, board member of barq
Brett King, board member of barq and ‘American Banker Innovator of the Year’ said of the launch: “With all of the world’s fastest growing banks being digital players, barq has set a new bar for the fastest growth in both a wallet ecosystem and a challenger bank.
“After hitting one million customers of record in only 21 days, the figure has now risen to 1.6 million in only a month. For next generation, smart economies, super wallet platforms integrated with AI are a baseline requirement – Saudi is now a world leader in this respect with barq.”
Spiros Margaris, board member of barq
Spiros Margaris, board member of barq added: “barq’s unprecedented growth is nothing short of extraordinary. This milestone highlights the immense potential of digital banking and wallets in the region and showcases barq’s role in redefining what’s possible in the fintech industry. barq has set a new benchmark in the industry, proving that the future of finance is not just digital but also profoundly customer-centric.
“As we look to the future, barq’s innovation and agility place it at the forefront of the global fintech revolution. The global fintech community should note that barq is leading the charge into the next era of financial services, where technology and user needs converge seamlessly to create unparalleled value.”
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