Wafeq, a cutting-edge accounting platform with a focus on ease of use, has announced the closing of a $3 million seed funding round.
Raed Ventures and Wamda Capital, two of the most renowned names in the region’s early-stage funding ecosystem, led the funding seed round.
Over 630,000 invoices are generated by Wafeq users each month, totaling more than $117 million in invoiced amounts.
Wafeq was released in 2019, with an initial focus on startups.
The company has since expanded its clientele to include market leaders such as Tabby, Lean Technologies, DAPI, Fenix, PiFlow, Ziina, Platinum List, and Invygo.
A rapid expansion followed, and the company now serves long-tail SMEs across several sectors, from construction to food and beverage to online retail and even beyond.
Wafeq was established to aid small and medium-sized enterprises (SMEs) in managing their financial and accounting needs.
Wafeq complies with all requirements set forth by the Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia, the Federal Tax Authority of the United Arab Emirates, and, eventually, the Egyptian Tax Authority.
“Thriving small and medium companies continue to power the engines of our economy,” stated Nadim Alameddine, CEO & Founder of Wafeq. In this dynamic ecosystem, they must, however, abide by both new and existing accounting standards as they develop. We are streamlining and rethinking accounting compliance for accountants and company owners using Wafeq. We are enthusiastic about expanding our presence in Saudi Arabia and the UAE while entering Egypt with the support of Raed Ventures and Wamda Capital.
With Wafeq’s technology, companies can operate more efficiently while maintaining compliance with both old and new rules.
The platform of the business streamlines every aspect of accounting for its customers, including record-keeping, sales tracking, invoice generation, automated bank transactions, and report generation.
With the funding it recently got, Wafeq will keep innovating and creating new product features, as well as working on customer acquisition and strategically hiring for both technical and non-technical roles.
This round of funding will enable Wafeq to enter the Egyptian market and expand its operations in Saudi Arabia and the United Arab Emirates, where it fills a gap in the market for accounting and financial management services for small and medium firms.
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