SILQ raises $20 million to scale embedded finance for Saudi SMEs

Saudi B2B e-commerce and fintech platform SILQ has secured a $20 million Shariah-compliant structured financing facility from Gemcorp Capital to expand embedded financial services for SMEs in Saudi Arabia.

Formed following the merger of Sary and ShopUp, SILQ operates a B2B commerce ecosystem serving more than 50,000 businesses in Saudi Arabia through its procurement platform Sary and embedded finance platform Fina, enabling over SAR 10 billion in B2B commerce during 2026.

The financing will be deployed through Fina to expand invoice financing, trade finance, and other embedded financial services, strengthening financial inclusion for SMEs while marking Gemcorp's first direct lending transaction, first Shariah-compliant financing structure, and first mezzanine facility in Saudi Arabia.

Press release:

Saudi B2B commerce and fintech platform SILQ has secured a $20 million Shariah-compliant structured financing facility from emerging markets asset manager Gemcorp Capital to expand embedded financial services for small and medium-sized enterprises (SMEs) in Saudi Arabia. The transaction marks Gemcorp's first direct lending investment in the Kingdom and will support the growth of SILQ's embedded finance platform, Fina, as demand for alternative SME financing continues to increase.