Fina launched the Fina Fund, a direct financing vehicle targeting USD 133 million (SAR 500M). This to provide corporate finance solutions to businesses across Saudi Arabia.

The fund aims to provide businesses with liquidity by embedding financing into their day-to-day operations.

Why You Should Care

Saudi Arabia’s SMEs continue to face a significant financing gap despite progress in expanding access to capital. The press release cites an estimated SAR 400 billion SME financing gap, while SME financing accounted for 11.3% of total bank loans in 2025, below the Kingdom’s 20% target for 2030.

Fina seeks to address part of this challenge by integrating financing into the business workflows where companies already operate and transact. The model intends to make liquidity more accessible across activities such as procurement, supplier payments and receivables.

The Details

Fina, SILQ’s B2B embedded finance business, launched the Fina Fund in partnership with Joa Capital, a Riyadh-based alternative asset manager. The fund has a target size of USD 133 million (SAR 500M) and is licensed by the Saudi Capital Market Authority to provide corporate finance solutions to the wider B2B ecosystem in Saudi Arabia.

The fund will provide financing across procurement, supplier payments, receivables and other business workflows, subject to its eligibility criteria and applicable terms.

Fina’s financing model developed from SILQ’s B2B commerce operations. The company’s Saudi journey began with Sary, which focused on simplifying how merchants source and purchase inventory. Through that experience, the company identified liquidity as a recurring challenge for businesses.

Following the merger of Sary and ShopUp to form SILQ, the company developed Fina as a dedicated embedded financing capability. The new fund expands these capabilities beyond businesses within the Sary ecosystem, allowing Fina to offer corporate financing solutions across the broader Saudi B2B economy.

The partnership combines Joa Capital’s credit investment management capabilities with Fina’s technology, data and connectivity across B2B commerce. 

The Ripple

The fund broadens Fina’s role from providing embedded financing within its existing commerce ecosystem to serving a wider range of B2B financing needs.

For businesses, the model brings financing closer to operational activities such as purchasing inventory, paying suppliers, and managing receivables. For Joa Capital, the partnership applies its credit investment capabilities to a financing vehicle supported by Fina’s technology and B2B data infrastructure.

The fund is structured as a private, closed-ended direct financing investment fund managed by Joa Capital. Units will be offered through private placement to investors who meet the fund’s eligibility criteria rather than to the general public.

The press release also clarifies that USD 133 million (SAR 500M) is the fund’s target size, not an amount already raised or committed. The more than SAR 2 billion in trade liquidity previously facilitated by Fina should not be interpreted as an indication of the new fund’s performance.

What to Watch

The next development will be how the fund is deployed across Saudi Arabia’s wider B2B ecosystem and the types of business workflows that use its financing solutions.

The launch gives Fina a new vehicle to extend the financing capabilities it has developed through B2B commerce, while the Kingdom continues working toward its 2030 target of raising SME financing to 20% of total bank loans.