The U.S. B2B ecommerce sector, long dominated by platforms like Amazon Business, Faire, and Thomasnet, is now facing a formidable new global challenger: SILQ Group.
ShopUp, the largest B2B commerce company in Bangladesh, and Sary, the leading B2B marketplace in Saudi Arabia, have merged to create SILQ Group. The merger forms what is now the largest B2B commerce platform across the Gulf and South Asia.
The merger is backed by $110 million in fresh funding. Sanabil Investments — Saudi Arabia’s sovereign wealth investment arm — is leading the funding with Peter Thiel’s Valar Ventures. Additionally, a slate of global investors including Tiger Global and Qatar Development Bank are participating.
As U.S. B2B platforms mature in a digitized market, SILQ Group’s rise represents a powerful pivot toward the next battleground for ecommerce. Emerging markets, where small retailers, fragmented supply chains, and limited financial services are being rapidly digitized. SILQ Group is stepping into that gap with a fully integrated model. It combines commerce, logistics, and embedded finance in one ecosystem. And that strategy could push U.S. players to expand their vision.
SILQ Group enters B2B market via merger
“This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia,” says James Fitzgerald, founding partner at Valar Ventures. “With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves.”
SILQ’s combined network already supports over 600,000 businesses. It supports business of different sizes, from small corner shops to hotels and cafes. In doing so, it facilitates more than $5 billion in transactions and 100 million shipments. Even more notably, it has disbursed over $750 million in embedded financing, a figure that dwarfs the financial service arms of many American counterparts and positions SILQ Financial — its new fintech arm — as a key pillar in the platform’s strategy.
“By merging our strengths, we’re not just expanding our reach — we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers,” says Mohammed Aldossary, CEO of SILQ Financial and co-founder of Sary. “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.”
This emphasis on embedded finance presents a unique challenge to U.S. B2B platforms, which have traditionally operated as marketplaces or logistics intermediaries but are only recently integrating payment and credit capabilities at scale. SILQ’s approach suggests the next phase of B2B ecommerce will require full-stack solutions, especially in emerging economies where access to capital and formal banking remains a barrier to business growth.
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