"We Got Funded!" UAE-Based Wafeq Raises a US$7.5 Million Series A Funding Round to Offer its Digitized Accounting Tools to MENA SMEs Wafeq offers a cloud-based platform that automates manual processes, integrates directly with local banks, and stays updated with regional compliance requirements.

Wafeq, a UAE-based platform that digitizes business accounting and finance practices particularly for small and medium enterprises (SMEs), has raised US$7.5 million in a Series A round led by 9900 Capital, a UK-headquartered venture capital (VC) firm. The round also saw the participation of Gary Turner, the former CEO of Xero, a New Zealand-headquartered cloud-based accounting software firm that operates in the EMEA. Other investors who partook in the round included Raed Ventures, a Saudi-based early and growth stage VC firm, and Wamda Capital, a UAE-based multi-stage, sector-agnostic investment firm.

Launched in 2019 by Nadim Alameddine, Wafeq was built with a vision to digitally transform accounting processes for SMEs in the MENA region. To achieve this, the startup offers a suite of tools -including e-invoicing, payroll, corporate tax, and accounts payable automation solutions- that are compliant with Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and the UAE's Federal Tax Authority. "Many businesses in the region still face challenges including complex regulatory environments, frequent tax policy changes, and a lack of local solutions tailored to their compliance needs," says founder and CEO Alameddine to Entrepreneur Middle East. "Additionally, manual data entry, fragmented financial systems, and difficulty reconciling transactions across multiple accounts slow down operations and increase the risk of errors. Wafeq addresses these issues by offering a cloud-based platform that automates manual processes, integrates directly with local banks, and stays updated with regional compliance requirements. Through features like accounts payable automation, e-invoicing, advanced reporting, and straightforward tax filing reports, we empower SMEs to streamline operations, reduce errors, and stay compliant—ultimately saving them time and money."

Source: Wafeq

Since its inception, Wafeq has also integrated with some leading regional banks such as Saudi Awwal Bank, HSBC, and Wio, and clinched notable clients such Tabby and Virtuzone. As such, it is evident that the platform's solutions, while intended to fully empower SME owners, have also been efficiently adopted by larger organizations. And while this will certainly be an area of focus moving forward, Alameddine says that the MENA's SME sector will continue to be the prime target for his platform. "SMEs form the backbone of regional economies, yet they often lack access to sophisticated financial tools that are both affordable and locally relevant," he adds. "By focusing on this segment, Wafeq enables thousands of smaller enterprises to move away from manual, time-consuming accounting methods and adopt modern, automated solutions. Looking ahead, especially as we enter 2025, SMEs that leverage Wafeq will gain deeper insights into their finances, enhance cash flow management, and adapt more swiftly to new regulatory changes. With better financial visibility and operational efficiency, these businesses can explore new growth opportunities, optimize their operations, and ultimately compete more effectively—both regionally and beyond."

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The Wafeq team's stance on the region was mirrored by Faisal Alhajj, Head of MENA at 9900 Capital, during a statement he shared following the investment. "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," Alhajjaj shared. "The government's digitization efforts under Vision 2030 are also fostering more robust business practices, and Wafeq's hyper-localized 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." Alhajjaj's sentiments had been shared by Turner too, who said that he was "excited to back Wafeq, who is at the forefront of a significant shift in accounting practices in the GCC."

Source: Wafeq

Moving forward, with fresh capital at its disposal, the Wafeq team now aims to allocate it towards two main areas: hiring and product development, with the latter ensuring compliance with local regulations while also giving business owners a single dashboard view of their finances across all their branches. "Wafeq's success hinges on continuously improving the platform and staying ahead of evolving customer needs," Alameddine adds. "Investing in product development allows us to enhance features like automation, compliance, and integrations with banks and other systems, ultimately delivering a better user experience. At the same time, recruiting top talent across engineering, product management, and customer success ensures we have the right people in place to innovate rapidly and support a growing user base. By strengthening these two areas, we're better positioned to scale, respond to market changes, and maintain our competitive edge!"