Emerging markets alternatives manager Gemcorp Capital has made its first direct lending transaction in Saudi Arabia, having closed a Shariah-compliant structured financing at $20m (£14.9m) to support B2B ecommerce fintech SILQ.

Gemcorp said the proceeds of the $20m facility will be deployed via SILQ’s embedded finance solution Fina to expand access to invoice financing, trade finance, and other embedded financial services among Saudi Arabia’s small and medium-sized enterprises (SMEs).

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SILQ serves more than 50,000 businesses in Saudi Arabia through both Sary, its B2B enablement platform, and Fina, by combining procurement, payments, financing, and merchant operating tools within a unified operating ecosystem.

In 2026 to date, SILQ’s “ecosystem” has enabled more than SAR10bn (£2bn) in B2B commerce in Saudi Arabia.

Gemcorp said it had “worked closely” with SILQ to structure a facility aligned with the company’s long-term vision for expanding financial inclusion and embedded financial services across Saudi Arabia and the wider Gulf Cooperation Council.

“This transaction marks three firsts for Gemcorp in the Kingdom – our first direct lending transaction in Saudi Arabia, our first Shariah-compliant financing structure, and our first mezzanine facility in the Kingdom – and it does so behind a business we have strong conviction in,” said Petar Ivanovic, principal at Gemcorp. “The facility is dedicated to expanding Fina’s embedded financial services across SILQ’s ecosystem, bringing embedded financial services directly into the day-to-day operations of the SMEs that form the backbone of the Saudi economy.”

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“This partnership with Gemcorp strengthens our ability to expand financial inclusion for SMEs across Saudi Arabia and continue building the financial infrastructure powering the next generation of B2B commerce,” added Afeef Zaman, founder and chief executive of SILQ.

London-based Gemcorp is focused on structuring and managing emerging market private credit solutions for global investors.

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