The Fastest Wallet to Eclipse 1 Million Customers Globally – Built in Saudi Arabia

Saudi Arabian fintech startup, barq, the latest wallet and challenger bank to launch in the Kingdom, has reached a significant milestone by enlisting 1.6 million wallet users and account holders in its first full month of operation.

The milestone follows barq’s previous achievement of surpassing one million users in its first 21 days of operation – a remarkable achievement that established barq as the fastest-growing private wallet globally, outside of China. For context, it took Revolut a year to reach 100,000 users, while NuBank and CashApp each gained 10,000 users in their first month.

Prior to barq’s market entry, the fastest-growing digital wallet in Saudi Arabia took over six months to achieve the same milestone. Although PIX in Brazil and UPI in India achieved similar milestones within their first month, both platforms were government-mandated, whereas barq’s growth is purely market-driven. This distinction not only makes barq the wallet to watch in the GCC and MENA regions but also places Saudi Arabia at the forefront of global digital payments and banking innovation.

Faisal Al-khamissi, 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.”

Ahmed 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 honor to work with such a passionate team, committed to transforming the financial landscape of the Kingdom.”

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, and a globally recognized fintech venture capitalist, and top fintech and AI thought leader, 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.”

barq’s unprecedented achievement underscores the Kingdom’s rapid advancement in the fintech sector and highlights its potential to lead the global digital finance revolution. As barq continues to grow and innovate, it is set to redefine the digital banking experience in Saudi Arabia and beyond.