Wafeq, a Dubai, UAE-based fintech startup that provides a cloud based accounting tech platform, raised $3M in Seed funding.
The round was led by Ra’ed Ventures with participation from Wamda Capital.
The company intends to use the funds to innovate and build new product functionalities, focus on customer acquisition, hire strategically across technical and non-technical roles, and enter Egypt while doubling down on growth in Saudi Arabia and the UAE.
Led by Nadim Alameddine, CEO & Founder, Wafeq provides a technology platform that helps businesses stay compliant with existing and new laws without losing focus on their core operations. The platform streamlines the entire accounting process for its clients, from building records to tracking sales and invoicing, to automating bank transactions and generating reports. Wafeq also offers a standalone e-invoicing API enabling businesses to stay compliant with e-invoicing regulations while maintaining their existing accounting software. This solution will allow startups and large businesses who require a reliable third party to manage the complexities of e-invoicing, which legacy solutions cannot meet.
Launched in 2019, Wafeq initially focused on startups and acquired customers such as Tabby, Lean Technologies, DAPI, Fenix, PiFlow, Ziina, Platinum List, and Invygo. It then expanded to long-tail SMEs in a diverse range of industries, including contracting, food and beverage, ecommerce, retail, and more.
Businesses using Wafeq create over 630,000 invoices every month, with total monthly invoiced amounts exceeding $117 million (SAR 440 mn+). Wafeq meets every requirement of Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA), the UAE’s Federal Tax Authority, and soon the Egyptian Tax Authority.
Commenting on the news, Nadim Alameddine said: “…Together with the backing of Raed Ventures and Wamda Capital, we are excited about our entry into Egypt while growing our presence in Saudi Arabia and the UAE.”
FinSMEs
26/01/2023