ShopUp and Sary merge to form SILQ Group

It is supported by $110m in funding

ShopUp, Bangladesh’s B2B commerce platform, has joined forces with Sary, a B2B marketplace in the Gulf, to form SILQ Group.

The new group will be the largest B2B commerce platform across the Gulf and Emerging Asia.

The merger is supported by $110m in funding, led by Sanabil Investments, a PIF company, and Valar Ventures, founded by Peter Thiel.

The funding includes equity and a financing facility for SILQ Financial, the group’s financial services arm.

Together, ShopUp and Sary have served over 600,000 businesses, including retailers, restaurants, and wholesalers, completing $5b in transactions, $750m in financing disbursements, and 100 million shipments to date.

Both brands will continue to operate in their current markets but will share SILQ’s infrastructure. SILQ Financial will scale embedded finance and POS services across both regions.

Afeef Zaman, ShopUp’s CEO, will become Group CEO of SILQ, whilst Mohammed Aldossary, Sary’s CEO, will lead SILQ Financial.