Wafeq raises $7.5 in series A round

user icon
GHADA.ISMAIL
calender icon
Dec 10, 2024
article image

Dubai – Sharikat Mubasher: Wafeq, a modern and easy-to-use accounting platform headquartered in the United Arab Emirates, announced the successful closure of its $7.5 million Series A funding round (SAR 28 million).

This investment brings together globally renowned accounting software investors and executives, including 9900 Capital’s Managing Partner Chris Corbishley, who led the round with the participation of Payhawk, Individual investor Gary Turner, and existing investors Raed Ventures and Wamda Capital, according to a press release.

Aiming to help SME owners run their businesses better, Wafeq has been at the forefront of regional accounting transformation. Open banking and integrations with leading banks in the region, such as Saudi Awwal Bank, Al Rajhi Bank, HSBC, and Wio, have enabled Wafeq to automate accounting in ways that are not possible with competitors.

Following this funding round, Wafeq intends to double down on hiring and product development. With offices in Saudi Arabia and the UAE, the company will seek to scale its business rapidly.

Nadim Alameddine, CEO & Founder of Wafeq, commented: “The digitization drive of regional businesses has been crucial in modernizing our economies. With SMEs navigating an evolving regulatory landscape, Wafeq is ensuring that business owners and accounting firms have the tools to stay compliant and run their businesses better. Our Series A round, backed by 9900 Capital, Raed Ventures, and Wamda Capital, puts us one step closer to simplifying accounting in MENA. As one of the fastest-growing accounting SaaS platforms in the Middle East, we are excited to announce our hiring plans to grow our existing presence in KSA and the UAE. This will allow us to support job creation and the digitization of the UAE and the Kingdom in line with Vision 2030.”

With over 2 million invoices worth $400 million issued every month—90% of which are from Saudi Arabia—Wafeq’s modern and easy-to-use software is becoming the accounting platform of choice in the region.

Wafeq will also invest further in compliance-focused product development as new taxation policies are rolled out across KSA and the UAE. With significant regulatory changes—including the introduction of value-added tax (VAT), corporate tax implementation in the UAE, and the anticipated implementation of mandatory e-invoicing in the UAE—C-suite executives are required to ensure compliance with country-specific guidelines.

 


Share

Related News

Saudi MSMEs receive SAR 383 bn credit facilities in Q1-25
News
Calendar Icon
June 30, 2025
Saudi MSMEs receive SAR 383 bn credit facilities in Q1-25
Read More
Saudi Impact 46 backs $5mn round for Spekter Games
News
Calendar Icon
June 29, 2025
Saudi Impact 46 backs $5mn round for Spekter Games
Read More
idea-L secures $1mn to launch AI-powered cofounder platform in Middle East
News
Calendar Icon
June 29, 2025
idea-L secures $1mn to launch AI-powered cofounder platform in Middle East
Read More
MEVP joins $55M series A for AppliedAI
News
Calendar Icon
June 25, 2025
MEVP joins $55M series A for AppliedAI
Read More
Equivator invests $8mn in Related to reshape loyalty landscape in Saudi Arabia
News
Calendar Icon
June 24, 2025
Equivator invests $8mn in Related to reshape loyalty landscape in Saudi Arabia
Read More
Nowlun secures $600K from Ingressive Capital, closes $2.3mn seed round
News
Calendar Icon
June 24, 2025
Nowlun secures $600K from Ingressive Capital, closes $2.3mn seed round
Read More
Nawy secures $23mn to scale mortgage offering Nawy Now
News
Calendar Icon
June 19, 2025
Nawy secures $23mn to scale mortgage offering Nawy Now
Read More
UAE’s SaturnX closes $3mn seed round to bolster global remittance markets
News
Calendar Icon
June 19, 2025
UAE’s SaturnX closes $3mn seed round to bolster global remittance markets
Read More
Saudi-Egyptian Darwinz AI closes $325K seed round to expand regionally
News
Calendar Icon
June 18, 2025
Saudi-Egyptian Darwinz AI closes $325K seed round to expand regionally
Read More
Prop-AI secures $1.5mn in pre-seed funding
News
Calendar Icon
June 18, 2025
Prop-AI secures $1.5mn in pre-seed funding
Read More