• UAE-based fintech Wafeq has raised $7.5 million in a Series A funding round.
• The round is led by 9900 Capital, with participation from Gary Turner, formerly CEO of Xero’s operations in EMEA, along with existing investors Raed Ventures and Wamda Capital.
• Founded in 2019 by Nadim Alameddine, Wafeq is an accounting platform targeting SMEs in the Middle East, enabling them to conduct their e-invoicing, taxation and employee payroll online. Over 2 million invoices worth $400 million are issued on Wafeq every month.
• Wafeq plans to double down on its Saudi operations, where 90% of its business originates, and expand in the UAE.
• Wamda Capital took part in Wafeq's last round in early 2023, in which Wafeq raised $3 million in a Seed round.

Press release:

Wafeq, a modern and easy-to-use accounting platform, today announced the completion 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 and previously invested in Pennylane, France’s unicorn accounting platform, and Payhawk, another European unicorn in the financial planning and spending management space. Individual investor Gary Turner, who established and led the Europe, Middle East & Africa operations of Xero, one of the largest accounting software companies in the world, also participated. Existing investors Raed Ventures and Wamda Capital reaffirmed their support for Wafeq by participating in this round.

Built 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.

Nadim Alameddine, CEO & Founder of Wafeq, commented: “The digitisation drive of regional businesses has been crucial in modernising 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 digitisation of the UAE and the Kingdom in line with Vision 2030.”

Accelerating Growth and Expansion

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. 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.

Faisal Alhajj, Head of MENA at 9900 Capital, commented: “This is a uniquely transformative time to be investing in the GCC and in Saudi Arabia. A new generation of innovative businesses is requiring localised solutions to meet their financial planning and accounting needs. KSA now boasts over 1.5 million SMEs—more than double the number just two years ago—that are going to play a vital role in driving the region’s economic development. The government’s digitisation efforts under Vision 2030 are also fostering more robust business practices, and Wafeq’s hyper-localised platform is transforming SME accounting, empowering them to manage their finances in a simple and effective manner. With a deep understanding of the region and a best-in-class product, Wafeq is well-positioned to support SMEs as they unlock this significant growth wave in MENA.”

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. Through Wafeq, accounting has been simplified to ensure compliance with local regulations while giving business owners a single dashboard view of their finances across all their branches.

Gary Turner, formerly CEO of Xero’s operations in EMEA, added: “Having built and scaled financial software previously, I’m excited to back Wafeq, who is at the forefront of a significant shift in accounting practices in the GCC. I’m eager to support their journey as they empower businesses with modern, compliant, and user-friendly accounting solutions.”

Empowering SMEs with Innovative Solutions

Today, Wafeq targets SMEs with its accounting software across a diverse range of industries and large companies with its e-invoicing compliance and accounts payable automation solutions. Some notable clients include category-leading businesses such as Tabby, AlManea, Platinumlist, Virtuzone, and LikeCard. With a suite of tools to empower business owners to stay compliant with accounting policies, Wafeq’s platform includes features such as ZATCA-compliant e-invoicing, payroll, purchases, VAT reporting, and many more.