# Barq raises $329.5M, ADES closes Saipem, Tabby hits $6.5B

> Saudi deals for September 14 to 20, 2026: a $329.5M fintech Series A, a $285M rig acquisition closed, a $233M Series F and three debt facilities.

Saudi deal log, 13 Oct 2026. By Ali Asif. News and my own view, not investment advice.

## My take

The money moving this week was mostly fintech, and a lot of it was debt. Barq and Tabby are equity stories with real user numbers behind them, but Rize, Tarabut, Lendo and half of BRKZ are balance-sheet financing from banks and asset managers. Saudi capital markets are starting to fund operating businesses the way a mature market does.

## What moved

1. **barq closes a $329.5M Series A at a $1.85B valuation** (barq, Venture): Amount: USD 329.5M. Investors: Noon Investments, Sohar International Bank, M20 Fund. A SAMA-licensed payments app founded in 2023 says it has passed 15 million users, on a Series A of unusual size. [Primary source](https://www.wamda.com/en/2026/09/saudi-fintech-barq-closes-329-5-million-series-a)
2. **ADES completes its acquisition of Saudi Arabian Saipem** (ADES Holding, M&A): Amount: USD 285M. Investors: ADES Holding. The Tadawul-listed driller takes over five jack-up rigs from Saipem and adds about SAR 3.7 billion of backlog. [Primary source](https://www.meed.com/ades-completes-acquisition-of-saipems-saudi-drilling-business)
3. **Tabby raises a $233M Series F at a $6.5B valuation** (Tabby, Venture): Amount: USD 233M. Investors: Blue Pool Capital, HSG, Wellington Management, Arbor Ventures. Blue Pool led, with three existing investors following, as the company moves beyond buy now, pay later. [Primary source](https://www.wamda.com/en/2026/09/tabby-hits-6-5-billion-valuation-233-million-series-f)
4. **Lendo and Quantic launch a SAR 750M SME financing programme** (Lendo, Private equity): Amount: USD 200M. Investors: Quantic Financial Solutions. A Vienna asset manager commits up to SAR 750 million of institutional capital through a SAMA-supervised crowdfunding platform, announced at Money20/20 Middle East. [Primary source](https://www.wamda.com/en/2026/09/lendo-quantic-launch-200-million-sme-financing-programme-saudi-arabia)
5. **Tarabut secures $50M for open banking and embedded finance** (Tarabut, Venture): Amount: USD 50M. Investors: Riyad Bank, X-Tech Fund (SAB Invest), GIB Saudi Arabia, Zamil Group, Kanoo Ventures. Banks and corporates, not funds, supply most of the money, and the financing still awaits SAMA approval. [Primary source](https://www.wamda.com/en/2026/09/tarabut-secures-50-million-deepen-saudi-embedded-finance-push)
6. **Rize secures a SAR 187.5M Murabaha facility from Jadwa** (Rize, Venture): Amount: USD 50M. Investors: Jadwa Investment. An asset-backed debt line funds the rental portfolio so the proptech can keep its equity for product and expansion. [Primary source](https://www.wamda.com/en/2026/09/saudi-proptech-rize-secures-50-million-facility-jadwa-investment)
7. **BRKZ raises $31M, a $13M Series B plus $18M of growth debt** (BRKZ, Venture): Amount: USD 31M. Investors: Wa'ed Ventures, 500 Global, BECO Capital, ANB Capital, Stride Ventures. A building-materials procurement platform splits its raise between equity and venture debt. [Primary source](https://www.wamda.com/en/2026/09/brkz-secures-31-million-scale-ai-powered-construction-procurement)

I'm writing this from Chicago, but I read Saudi deal flow the way I did at PwC and the way I do now as a general manager in Al Khobar: who is writing the check, and what do they get for it. This was a big week, and the headline numbers are not the interesting part.

## barq: $329.5 million at Series A

barq closed a $329.5 million Series A at a $1.85 billion valuation. Noon Investments, Sohar International Bank and M20 Fund are the named investors. The company is a SAMA-licensed payments and transfers app founded in 2023 by Ahmed Alenazi, who used to run stc pay. It says it has more than 15 million users from over 210 nationalities and has processed SAR 440 billion.

Those are company figures, so read them as claims. Still, a payments app that reaches that scale in two years tells you how fast Saudi consumers moved off cash. For an investor in Chicago, the point is that a regional bank (Sohar) and a corporate investor (Noon) sit next to a fund. Strategic money sits in the cap table from the first big round.

## ADES and Tabby

ADES finished buying Saudi Arabian Saipem for about $285 million. It gets five jack-up rigs and roughly SAR 3.7 billion of backlog. Tabby raised $233 million at $6.5 billion, led by Blue Pool Capital, with HSG, Wellington Management and Arbor Ventures. Tabby says it has been profitable since 2023. I'd want to see that in audited numbers before leaning on it, but it is the right claim to be making.

## The debt side

Four deals were credit rather than equity. Jadwa gave Rize a SAR 187.5 million Murabaha facility against its rental contracts. Tarabut raised $50 million from Riyad Bank, X-Tech Fund (managed by SAB Invest), GIB Saudi Arabia, Zamil Group and Kanoo Ventures. Quantic will put up to SAR 750 million through Lendo for SME working capital. BRKZ took $18 million of growth debt from Stride Ventures alongside a $13 million Series B led by Wa'ed Ventures and 500 Global.

If you are a founder, this is the part to copy. Revenue that sits on a contract, like rent or a supplier invoice, can be financed without giving up equity.

## What I'd watch next

Whether the debt keeps outpacing the equity. Tarabut's financing and Tabby's round both still need regulatory approvals, so the closing announcements are worth a look. If next week's rounds are small and mostly seed, this was a September peak and not a new run rate.

## Sources

- https://www.wamda.com/en/2026/09/saudi-fintech-barq-closes-329-5-million-series-a
- https://www.meed.com/ades-completes-acquisition-of-saipems-saudi-drilling-business
- https://www.wamda.com/en/2026/09/tabby-hits-6-5-billion-valuation-233-million-series-f
- https://www.wamda.com/en/2026/09/lendo-quantic-launch-200-million-sme-financing-programme-saudi-arabia
- https://www.wamda.com/en/2026/09/tarabut-secures-50-million-deepen-saudi-embedded-finance-push
- https://www.wamda.com/en/2026/09/saudi-proptech-rize-secures-50-million-facility-jadwa-investment
- https://www.wamda.com/en/2026/09/brkz-secures-31-million-scale-ai-powered-construction-procurement

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