Gulf and South Asia Unite: Sary and ShopUp Form $110M Fintech Giant SILQ Group

Mariam Mwanes

Last updated 9-04-2025

3 min

Sary and ShopUp have merged to form the SILQ Group, expanding B2B trade connections.

This merger taps into the $682 billion trade corridor between Gulf nations and South Asia.

SILQ Group plans to offer fintech solutions via their new financial arm, SILQ Financial.

Major investors like Sanabil Investments and Valar Ventures back this ambitious merger.

The merger benefits SMEs with enhanced logistics, finance, and technological support.

In a major development for business-to-business (B2B) trade, Gulf-based commerce platform Sary and Bangladesh's ShopUp have decided to join forces to form the new SILQ Group. This ambitious merger is backed by an impressive funding round worth 412.5 million Saudi Riyals, spearheaded by Saudi Arabia's Sanabil Investments—a subsidiary of the Public Investment Fund—and supported by Peter Thiel's Valar Ventures.

The joint venture has been created to boost trade ties between Gulf nations and South Asian markets, regions with rapidly growing consumer demand. Both companies already boast significant milestones; together they’ve served over 600,000 small and medium-sized businesses, from cafes and restaurants to corner shops and wholesalers. During their independent operations, they've collectively handled goods valued at more than 18 billion Riyals, provided financing totalling around 2.8 billion Riyals, and completed a staggering 100 million shipments.

Even though both brands plan to keep operating under their well-known names in their home markets, they'll now tap into shared technology infrastructure and expertise. Interestingly, the new entity is also introducing its very own financial arm, SILQ Financial, aimed at boosting fintech solutions, digital payment options and point-of-sale systems. Mohamed Al-Dossary, Sary’s founder and Chairman, is stepping up as CEO of SILQ Financial, while ShopUp’s co-founder, Afeef Zaman, will guide the overarching SILQ Group as its Chief Executive Officer.

According to Al-Dossary, this strategic partnership "expands our geographical reach and helps deliver tailor-made solutions that fit the unique needs of businesses across the Gulf and South Asia, combining local expertise with cutting-edge technology."

Highlighting the merger's global trade significance, Zaman pointed out that this newly created entity will tap into one of the world's largest trade corridors, valued around $682 billion. As he stressed, this represents "a great opportunity to drive market growth and broaden access to diverse products."

Major investors such as Flourish Ventures, Peak XV, Prosus, STV, Tiger Global, Endeavor Catalyst, Raed Ventures, and even Qatar Development Bank have all thrown their weight behind this ambitious move—which is set to make notable inroads into Qatar, better serving its growing community of small and medium enterprises.

Sanabil Investments praised the merger as creating an integrated platform combining finance, logistics and commerce that strengthens B2B trade across a broader international landscape. James Fitzgerald from Valar Ventures also echoed this sentiment, observing that the new model connects the Gulf to South Asia under visionary leadership, a real game-changer in the making.

So, what's the upshot of this merger? Well, as Arageek regulars might say, it looks set to bring convenience, connectivity—and perhaps a dash of excitement—to companies navigating the demanding world of cross-border commerce. For businesses in both regions, the combined strenght of Sary and ShopUp under the SILQ banner could mean smoother logistics, updated financial tech, and much more robust support systems.

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