The barq Money20/20 award win announced on 22 October 2026 is not just good news for a Saudi startup, it is a signal worth watching for anyone tracking digital payments in Pakistan. barq, a Riyadh-based digital wallet company, picked up the Global Growth Grid honour at Money20/20 USA in Las Vegas, one of the biggest fintech gatherings in the world. And Pakistan is next on its expansion list.
What Is the barq Money20/20 Award?
Money20/20 describes itself as the world’s leading fintech show, and its Money Awards honour companies, innovations, and partnerships shaping the future of finance. Judging is done through a merit-based process led by a diverse panel of leaders from fintech, banking, payments, venture capital, and technology. Winning the Global Growth Grid category means a company has shown standout speed of growth among all entrants globally.
How Fast Has barq Actually Grown?
Since launching its services in August 2024, barq attracted one million users within three weeks and reached seven million users by the end of its first year, before its user base exceeded 15 million in just two years. That kind of growth is rare anywhere in the world.
The total value of funds transacted through its platform has surpassed SAR 440 billion, equivalent to approximately USD 120 billion. To put that in perspective, that is more than Pakistan’s entire annual government budget.
The company raised USD 329.5 million in its Series A funding round at a valuation of USD 1.85 billion, joining the ranks of unicorn companies less than two years after launching its services. Unicorn status, a valuation above one billion dollars, normally takes startups five to ten years. barq did it in under two.
barq was founded and is led by Ahmed Alenazi, who previously served as CEO of STC Pay from 2019 to 2022, one of Saudi Arabia’s most popular digital payment platforms. That background gave the team a clear road map from day one.
The Pakistan Connection Behind the barq Money20/20 Award Story
Here is the part that most global coverage of this award has skipped. barq’s expansion plans are not vague, Pakistan is specifically named as the company’s first move outside Saudi Arabia.
barq aims to expand into GCC and regional markets, starting with Pakistan, and its revenues are expected to exceed half a billion US dollars in 2027.
More importantly, the groundwork in Pakistan is already done. barq Pakistan announced it obtained In-Principle Approval (IPA) from the State Bank of Pakistan to establish an Electronic Money Institution (EMI) Wallet, paving the way for its entry into one of the most promising digital financial markets in the region. The approval was received on October 10.
barq also acquired Pakistani digital payment company MyTM, and Zain Farooq, the founder and CEO of MyTM, now leads barq PK as managing director. This means the Pakistan operation already has local leadership and an existing user base to build on.
Barq Fintech Pakistan received in-principle approval from the State Bank of Pakistan in October 2025 to develop consumer and merchant wallets, and in January, the regulator separately selected barq for its first regulatory sandbox cohort to test technology for inward remittances. Being picked for the SBP’s own sandbox is a strong signal of regulatory confidence.
What Services Will barq Offer in Pakistan?
barq Pakistan plans to introduce a full suite of digital financial services after getting necessary regulatory approvals, including e-wallets, mobile payments, and everyday transaction tools, fully aligned with the regulatory and security frameworks set by the SBP and global standards.
barq recently launched business banking services and received preliminary approval from the Saudi Central Bank to add lending activities, aiming to offer comprehensive digital financial solutions. If a similar roadmap follows in Pakistan, users could eventually access lending through the same app.
barq’s platform currently includes features such as international remittances, virtual and physical Visa and Mada cards, real-time wallet-to-wallet transfers, subscription and spending controls, access to airport lounges, travel insurance, and gamified cashback rewards. Not all of these features will be available in Pakistan from day one, but they show the direction the product is heading.
Why This Matters for Pakistan’s Digital Economy
Pakistan has millions of unbanked and underbanked adults. A well-funded, award-winning fintech with a proven model in a comparable Muslim-majority market could move the needle on financial inclusion. The award also brings credibility, investors and regulators pay attention when a company wins recognition at Money20/20. For Pakistan’s own fintech sector, it is a reminder that regional players, not just Western ones, are eyeing the market.
barq is targeting IPO readiness by the end of 2028, in line with Saudi Vision 2030 goals for developing the financial sector and the digital economy. A company preparing for a public listing has strong reasons to show clean, growing revenue, which means a Pakistan launch that works will matter to its valuation story.
You may also want to read about how Ufone and Telenor Pakistan are pushing telecom cybersecurity with PTA, which speaks to the broader push for a safer digital infrastructure that new fintechs like barq will depend on.
Frequently Asked Questions
What is the Money20/20 Global Growth Grid award?
It is an award given by Money20/20, the world’s top fintech conference, to companies that show the fastest and most significant growth in the financial technology sector. Winners are chosen by an expert jury from fintech, banking, and investment.
Is barq a Pakistani company?
No. barq is a Saudi fintech company founded in Riyadh. However, it has obtained regulatory approval from the State Bank of Pakistan and acquired a local Pakistani fintech (MyTM) as part of its plan to launch digital wallet services in Pakistan.
Has barq launched in Pakistan yet?
Not fully. barq Pakistan received in-principle approval from the SBP in October 2025 and was selected for the SBP’s regulatory sandbox for inward remittance testing. A full commercial launch requires a final EMI licence, which the company is working toward.
What is barq’s valuation and how big is it?
barq reached a valuation of USD 1.85 billion after raising a USD 329.5 million Series A funding round. It has more than 15 million users and has processed over USD 120 billion in transactions since its August 2024 launch, making it one of the fastest-growing fintechs in the world.
