SILQ marks 1st anniversary with $100M financing to power embedded FinTech for SMEs

SILQ, the Saudi-British Fintech firm, celebrated its one-year anniversary by securing a $100 million financing round from Gemcorp Capital, Fasanara Capital, and Amwal Capital Partners. This investment comes as the company commemorates the merger of Sary and ShopUp, two major players in the Saudi and South Asian markets respectively.

The newly acquired funds will be channeled towards the expansion of SILQ's embedded financing platform, named Fina. This innovative solution allows small and medium-sized enterprises (SMEs) to access working capital effortlessly, directly integrated into their daily digital transaction routines.

This milestone is a testament to the increasing investor confidence in SILQ's unique approach to merging financial services with commercial activities, rather than presenting them as standalone banking products. Speaking on the occasion, Mohammed Aldossary, Co-founder and CEO of SILQ, emphasized that this substantial funding will enable the company to build a robust financial infrastructure that meets the needs of modern businesses.

By embedding financing directly into commerce, SILQ aims to provide faster access to working capital, making it a seamless part of the business operations.

Currently, SILQ serves over 300,000 merchants across the Gulf and South Asia regions. The Saudi market alone has witnessed the empowerment of more than 50,000 businesses, with a staggering transaction volume exceeding SR20 billion. Over the past year, Fina, SILQ's flagship product, facilitated financing worth over SR1.5 billion, with a goal of reaching SR3 billion in liquidity deployment this year. This substantial growth is set to further assist SMEs in unlocking their growth potential.