Wafeq, a Dubai-based accounting software provider, has announced the successful closure of a $7.5 million Series A funding round, led by London-based 9900 Capital. The funding round also saw participation from Gary Turner, former CEO of Xero’s EMEA operations, alongside existing investors Raed Ventures and Wamda Capital.
Founded in 2019 by Nadim Alameddine, Wafeq specialises in accounting and invoicing solutions tailored to small and medium-sized enterprises (SMEs) and accountants. The platform simplifies core business operations, such as sending invoices, managing inventory and payroll, generating financial reports, and preparing VAT returns for regulatory compliance in the UAE and Saudi Arabia.
In just under 2.5 years, Wafeq has achieved a customer base of over 8,000 businesses across various industries. The software integrates seamlessly with leading financial institutions, including Saudi Awwal Bank, Al Rajhi Bank, HSBC, Wio, as well as platforms like Stripe, Foodics, and Salla, offering businesses enhanced financial management capabilities.
Wafeq’s subscription plans start at $180 per year or $29 per month, making it an accessible solution for SMEs navigating the region’s rapidly evolving business landscape.
Speaking on the achievement, Nadim Alameddine, Founder and CEO of Wafeq, highlighted the company’s role in supporting the digital transformation of regional businesses:
“The digitisation drive of regional businesses has been crucial in modernising our economies. With SMEs navigating an evolving regulatory landscape, Wafeq ensures that business owners and accounting firms have the tools to stay compliant and operate efficiently.
Our Series A funding, backed by 9900 Capital, Raed Ventures, and Wamda Capital, brings us closer to simplifying accounting processes in the MENA region. As one of the fastest-growing SaaS platforms, we are excited to announce hiring plans to expand our presence in Saudi Arabia and the UAE, in line with Vision 2030, supporting both job creation and further digitisation.”
Faisal Alhajj, Head of MENA at 9900 Capital, emphasised Wafeq’s alignment with the broader government-led digitisation initiatives under Vision 2030:
“A new generation of innovative businesses requires tailored solutions for financial planning and accounting. Wafeq’s hyper-localised platform is transforming SME accounting, empowering businesses to manage their finances efficiently. With a strong understanding of the region and a best-in-class product, Wafeq is uniquely positioned to drive SME growth in MENA.”
Wafeq aims to leverage the Series A funding to accelerate product development and expand its team to better serve the SME ecosystem in Saudi Arabia and the UAE. The startup’s growth aligns with the region’s ongoing push for economic diversification and digital transformation, reflecting its commitment to supporting businesses as they unlock their full potential.
With this funding milestone, Wafeq is set to play a pivotal role in modernising SME accounting practices, empowering regional businesses to thrive in an increasingly digitised economy.