ShopUp's parent platform raises $100 million for Saudi financing push

ShopUp's parent platform SILQ has secured $100 million in financing for its embedded finance unit Fina to expand access to funding for merchants in Saudi Arabia.

The business-to-business (B2B) commerce platform secured the funding from Fasanara Capital, Gemcorp Capital, and Amwal Capital Partners, according to a press release today.

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An embedded financing platform integrates financial services, such as loans and working capital, directly into non-financial digital workflows like e-commerce and supply chain software.

Fina will deploy the facilities in the Saudi market to expand merchants' access to working capital by embedding financing into the digital workflows they use to buy, sell, and manage operations, the press release said.

ShopUp and Saudi Arabia's Sary merged to establish SILQ in 2025 with a vision of building embedded financial infrastructure for businesses across the Gulf and South Asia. The ecosystem serves more than 300,000 merchants across the two regions.

“Fina was not built because we wanted to become a financial services company. It was built because our merchants needed capital that understands how they operate,” said SILQ Financial Services co-founder and CEO Mohammed Aldossary.

ShopUp has also strengthened regional trade by expanding Bangladesh's food exports, shipping 470 tonnes of rice to Saudi Arabia and the UK, along with vegetables and fruit to Gulf markets.

Founded in Dhaka in 2017, ShopUp is a leading B2B commerce platform, offering small merchants wholesale sourcing via Mokam, nationwide logistics through REDX, and embedded digital financing tools.