FlyAkeed Raises $25M for Corporate Travel Payment Tech

Saudi Arabia's corporate travel management sector is set for a significant shift as FlyAkeed announces a substantial funding round totaling SAR 94.3 million (approximately $25.15 million). This capital infusion, a blend of equity and Shariah-compliant Murabaha sukuk financing, is earmarked to accelerate the company's expansion, particularly its innovative deferred payment offering for large enterprises.

The equity component of this growth financing was spearheaded by Sanabil Investments, a prominent investment entity backed by Saudi Arabia's Public Investment Fund (PIF). Further bolstering the round were strategic contributions from Artal Capital, tali ventures (the corporate venture capital arm of stc Group), and Aljazira Capital. Notably, Artal Capital also played a crucial role by leading the Murabaha sukuk facility, providing FlyAkeed with flexible, faith-aligned financial instruments.

Founded in 2015, FlyAkeed has established itself as a key player in streamlining business travel. Its comprehensive platform consolidates flight bookings, hotel reservations, ground transportation, policy adherence, and approval workflows into a single, efficient system. This integrated approach aims to replace fragmented, manual processes that still dominate much of the regional corporate travel management landscape, offering real-time visibility into expenditures and approvals.

The strategic deployment of these funds will focus on scaling FlyAkeed's embedded deferred-payment solution. This feature is designed to address a critical need for larger corporations, offering more adaptable payment terms for travel expenses. By providing this financial flexibility alongside its robust technology, FlyAkeed aims to capture a larger share of the Saudi market, where business travel expenditure was estimated to surpass $10 billion in 2024 and is projected for substantial growth.

FlyAkeed's ambition aligns with the Kingdom's broader economic diversification goals and the increasing digitalization of its business infrastructure. The company currently serves a distinguished roster of over 150 corporate clients, including major entities such as PIF, Maaden, Golf Saudi, and the National Housing Company. This strong client base underscores the platform's proven value proposition in a market ripe for technological advancement.

The founder and CEO, Bassam Almohammadi, emphasized the transformative impact of their offering, stating, "Large enterprises don’t just want better software; they want better payment terms. Now we give them both." This dual focus on technological efficiency and financial accommodation positions FlyAkeed to redefine corporate travel management in the region, moving beyond traditional methods like phone calls and spreadsheets to a fully integrated operational system.

This significant funding round positions FlyAkeed for accelerated growth within the dynamic Saudi Arabian market. The company's ability to combine advanced travel management technology with tailored financial solutions, supported by prominent investors like Sanabil Investments and Artal Capital, signals a strong potential to reshape how businesses manage their travel expenditures and operations.