SILQ, the B2B commerce and fintech group formed through the merger of Bangladesh's ShopUp and Saudi Arabia's Sary, has secured a US$75Mn Shariah-compliant debt facility from London-based investment manager Fasanara Capital for Fina, its embedded finance arm.

The facility will fund working capital loans to small and medium-sized businesses in Saudi Arabia, delivered through the digital workflows merchants already use for procurement, payments, and daily operations. It follows a US$20Mn structured financing facility SILQ agreed with Gemcorp Capital earlier in July, bringing the group's announced debt capital this month to US$95Mn.

SILQ was formed in April 2025 when ShopUp, the Dhaka-founded B2B commerce platform led by Afeef Zaman, merged with Saudi B2B marketplace Sary in a deal backed by US$110Mn in equity and debt led by Sanabil Investments, the Public Investment Fund subsidiary, and Peter Thiel's Valar Ventures. Zaman serves as CEO of SILQ Group, and ShopUp continues to run its Bangladesh operations, including the Mokam B2B platform and REDX logistics network.

According to Fasanara's announcement, SILQ has reached more than 50,000 businesses in Saudi Arabia and enabled over SAR 20Bn (approximately US$5.33Bn) in total transaction volume. Fina has deployed SAR 1.5Bn (approximately US$399Mn) in financing over the past 12 months, and the company says the new facility will support a target of SAR 3Bn (approximately US$800Mn) in liquidity for more than 2,000 businesses in 2026.

Mohammed AlDosari, Co-Founder and CEO of SILQ Financial, said the company has built its financing model around how merchants operate rather than around traditional lending processes, adding that the Fasanara partnership will expand access to Shariah-compliant financing embedded within digital commerce.

Matt Kuss, Partner and Head of Origination at Fasanara Capital, said the deal reflects the firm's commitment to supporting embedded finance for SMEs in Saudi Arabia and improving access to working capital through technology-driven lending.