ShopUp and Sary merge to form SILQ with $110M Saudi and US investment

ShopUp, Bangladesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group. This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region and across the globe. The merger is backed by $110 million in funding led by Sanabil Investments, a wholly owned company by Saudi Arabia's Public Investment Fund (PIF) and Peter Thiel's Valar Ventures.

Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception.

The combined network has made over $5 billion in transactions on its platforms and exceeded $750 million in embedded financing disbursements. 
The companies have facilitated a total of 100 million shipments. This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through financial tools, logistic services, and commerce features.

It will create financial infrastructure and double down on the embedded financing scale of both markets and the Point-of-Sale (POS) business.

ShopUp's Founder and CEO, Afeef Zaman, will serve as CEO of SILQ Group. At the same time, Sary's Founder and CEO, Mohammed Aldossary, will lead SILQ Financial as CEO. 
"Through this merger, we're entering what's set to become one of the world's largest trade corridors—projected to reach $682 billion. We're in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.", said Afeef Zaman, CEO of SILQ Group.

"By merging our strengths, we're not just expanding our reach - we're revolutionising how digital commerce serves Gulf's merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone," said Mohammed Aldossary, CEO of SILQ Financial.

"Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the centre of a new commercial ecosystem connecting with South Asia," said James Fitzgerald, Founding Partner at Valar Ventures.

SILQ is backed by renowned investors, including Sanabil Investments, Peter Thiel's Valar Ventures, Flourish Ventures etc. This round will also see participation from new investors like Qatar Government-owned Qatar Development Bank.