Embedded-finance provider Fina has launched its financing capabilities alongside a new private fund targeting $133.3 million (SAR 500 million), as its parent company SILQ seeks to extend business financing beyond its existing commercial network, according to a press release shared with Finance News International.
The closed-ended Fina Fund is managed by Riyadh-based alternative asset manager Joa Capital and is intended to finance eligible companies in Saudi Arabia. The fund has been established under the Saudi Capital Market Authority’s Investment Funds Regulations.
The SAR 500 million figure is a target rather than capital already raised or committed. Fund units will be offered through private placement to eligible investors and will not be available to the general public.
Addressing a Persistent Credit Shortfall
Small and medium-sized enterprises occupy an important place in Saudi Arabia’s economic diversification program, but their access to finance continues to trail the government’s longer-term ambitions.
Despite progress in expanding access to credit, many Saudi SMEs still face difficulties securing the financing needed to manage operations and pursue growth. The new fund enters a market where widening access to business capital remains an important economic priority.
The challenge extends beyond the availability of capital. Smaller businesses may also encounter lengthy application processes, limited credit histories and financing systems that do not align closely with their day-to-day commercial activity.
Fina aims to address some of those barriers by integrating corporate financing into established business workflows. The fund will support eligible financing across procurement, supplier payments, receivables and other commercial activities, subject to its terms and eligibility requirements.
Financing Within Commercial Workflows
Fina describes its model as embedded finance because funding is integrated into the processes through which businesses buy inventory, pay suppliers and manage receivables. Rather than requiring every financing interaction to begin through a separate banking channel, credit can be offered closer to the underlying transaction.
The business grew out of Sary, a Saudi B2B marketplace focused on helping merchants source and purchase inventory. Sary merged with Bangladesh-founded ShopUp in 2025 to establish SILQ, combining their commerce and financial-services operations across the Middle East and South Asia.
Fina’s financing technology was originally developed for businesses operating within the Sary network. SILQ said the platform has since facilitated more than $533.3 million (SAR 2 billion) in trade liquidity.
Expanding beyond that network will test whether information generated through routine commercial activity can support credit assessment across a wider range of businesses. The fund’s financing will remain subject to its eligibility requirements and individual terms.
Fina and Joa Capital Divide Their Roles
The arrangement combines two distinct functions. Fina will provide the technology, operational infrastructure and connections to businesses, while Joa Capital will manage the investment fund and its credit activities.
Joa Capital is a Riyadh-based private-markets investment manager active in direct equity, private credit and investment banking. The Saudi closed joint stock company is authorized by the Capital Market Authority under license number 02-21219.
Mohammed Aldossary, co-founder and CEO of 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.”
Yousef AlYousefi, Joa Capital’s CEO and managing partner, added: “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.”
The fund marks Fina’s move from serving businesses within the Sary ecosystem to offering financing capabilities across the wider Saudi B2B market.
By pairing Fina’s digital infrastructure with Joa Capital’s fund-management experience, the partnership connects private credit more closely with the commercial activities that generate demand for working capital.
