FlyAkeed secures $25.15M in equity and sukuk led by Sanabil

RIYADH — FlyAkeed has secured SAR 94.3M, about $25.15M, in equity and Murabaha sukuk financing led by Sanabil Investments, the PIF venture arm, with Artal Capital, tali ventures and Aljazira Capital. Wamda reports the corporate-travel platform, founded by Bassam Almohammadi and serving more than 150 enterprise clients, will use the money to launch an embedded deferred-payment product for large enterprises.

This is the biggest disclosed Saudi startup cheque of LEAP week, and the structure is the story. Shariah-compliant sukuk stapled to equity to fund a B2B buy-now-pay-later book is a financing shape you will see again. The equity-to-sukuk split was not reported.

What it prices in: Sanabil plus stc’s tali in one round is the Saudi state-and-telco capital stack in miniature. A travel platform becoming a credit provider to the enterprises that already book through it is the embedded-finance playbook, run on Gulf balance sheets.

Who wins: FlyAkeed, which gets to fund receivables without diluting for all of it; and Sanabil, which adds an enterprise-payments position to a portfolio that already spans the Kingdom’s corporate software layer.

Source: Wamda