Riyadh, Saudi Arabia, 16/09/26 – Fina, SILQ’s B2B embedded finance business, today announced the launch of its embedded finance capabilities with the Fina Fund, a direct financing fund managed by Joa Capital, an established alternative asset manager based in Riyadh. With a target fund size of SAR 500M, Fina Fund is licensed by the Saudi Capital Market Authority to provide corporate finance solutions to the wider B2B ecosystem in Saudi Arabia.
A Significant Financing Gap Remains
Saudi Arabia has made significant progress in SME financing, yet a significant gap remains. According to Forbes Middle East, SME financing gap is estimated at approximately SAR 400 billion, while SME financing accounted for 11.3% of total bank loans in 2025, compared with the Kingdom’s 20% target by 2030
Closing the financing gap requires more than additional capital. Businesses need simpler, more efficient ways to access liquidity. Fina brings liquidity into everyday business workflows, closer to where businesses operate and transact, reducing the cost to serve and making access to capital more efficient and scalable.
From Frictionless Commerce To Embedded Liquidity
SILQ’s journey in Saudi Arabia began with the ambitious mission of Sary to make B2B commerce frictionless, transforming how merchants source and purchase inventory.
Along that journey, one friction stood out: liquidity.
Following the merger of Sary and ShopUp to form SILQ, addressing that challenge became a central part of the ambition: building a dedicated embedded financing capability for businesses. Initially built to serve businesses within the Sary ecosystem, Fina has since facilitated more than SAR 2 billion in trade liquidity, building technology, data and operational capabilities around merchants’ working-capital needs.
The fund marks the next step: bringing these capabilities and learnings to the wider Saudi B2B economy through corporate finance solutions across procurement, supplier payments, receivables and other business workflows, subject to the Fund’s eligibility criteria and applicable terms.
Mohammed Aldossary, Co-founder and CEO, SILQ, Financial Services said: “Behind every business is a merchant working hard every day to buy, sell and grow. Our focus is to bring liquidity closer to that workflow, making access simpler and more connected to how businesses actually operate. The new fund gives Fina the capacity to serve more businesses, unlock more opportunities for growth, and contribute to a healthier and more productive economy.”
Partnership with Joa Capital
The partnership combines Joa Capital’s credit investment management capabilities with Fina’s technology, data and connectivity across B2B commerce.
Yousef AlYousefi, Joa Capital’s CEO and Managing Partner said: “SILQ has built a robust platform for SMEs in the Kingdom that can help predict and qualify businesses for corporate financing for day-to-day operations or scale. Our financing capabilities will support SILQ’s mission to support their network through a scalable, compliant and well governed financing vehicle, supporting the sustainability of their merchants and long term growth of the economy.”
About Fina
Fina is SILQ’s B2B embedded financial capability, bringing liquidity, payments and financial operations into everyday business workflows.
Founded in 2025 through the merger of Sary, MENA’s leading B2B marketplace, and ShopUp, South Asia’s largest B2B commerce platform – SILQ is reshaping how businesses access financial services by embedding financing directly into the flow of commerce.
For more information, please email: [email protected]
About Joa Capital
oa Capital is a private markets investment manager, headquartered in Riyadh, Saudi Arabia, backing high-growth companies across the MENA region through direct equity investments, private credit solutions, and investment banking services.
Regulatory Notice and Important Information
Joa Capital is a Saudi closed joint stock company authorised by the Capital Market Authority under Licence No. 02-21219, Commercial Registration No. 1010668660, with its registered address at Second Floor, Al-Dahna Complex, 6643 Al Ahsa Street, Zahra District, Riyadh 12815, Kingdom of Saudi Arabia.
The Fina Fund is a private, closed-ended direct financing investment fund established under the Investment Funds Regulations and managed by Joa Capital. Units are offered only by private placement, to persons who satisfy the Fund’s eligibility criteria, and not to the public. This announcement is for information only. It is not an offer, a solicitation, investment advice or a recommendation, and any offer is made only through the Fund’s terms and conditions and subscription documents.
Capital is at risk. An investment in the Fund is illiquid, returns are not guaranteed and an investor may lose the whole amount invested. SAR 500 million is the Fund’s target size, not an amount raised or committed. Statements concerning Fina, Sary, ShopUp and SILQ, including the figure of more than SAR 2 billion in trade liquidity, are provided by SILQ, and are not an indication of the Fund’s performance.
