Week 38: Africa and Middle East Startup Funding Led by Barq

Startups across Africa, the Middle East and Israel raised $950.3 million in disclosed funding this week, tracked by Techloy, with the money heavily concentrated in fintech and AI. Two Saudi deals, Barq and Tabby, accounted for $562.5 million of that on their own.

The Week's Largest Startup Funding Rounds

Here are the biggest disclosed startup funding rounds across Africa, the Middle East and Israel this week.

/1. Barq, $329.5M, Fintech, Saudi Arabia

Barq is a Riyadh digital payments app with 15 million users, offering accounts, cards, and money transfers. The Series A, backed by Noon Investments, Sohar International Bank and M20 Fund, values it at $1.85 billion and funds product development and expansion into new regional and international markets.

/2. Tabby, $233M, Fintech, Saudi Arabia

Tabby is a Riyadh-headquartered buy now, pay later company now moving into accounts, cards, and money transfers. Blue Pool Capital led the Series F at a $6.5 billion valuation to fund that expansion across Saudi Arabia and the UAE, though the round includes secondary share sales and still needs Saudi Central Bank approval.