Dubai-based accounting platform Wafeq has raised $3 million in seed funding, led by Raed Ventures and featuring participation from Wamda Capital.
Wafeq was established to meet the unmet financial and accounting needs of SMEs in the region and its platform streamlines the entire accounting process from record-keeping to generating reports. Businesses using Wafeq create over 630,000 invoices monthly, with total monthly invoices exceeding $117 million (SAR 440 mn+).
Since its launch in 2019, Wafeq has acquired customers in various industries, including Tabby, Lean Technologies, DAPI, and more, and plans for continued innovation and customer acquisition with its new funding.
The new funds will support the company's entry into Egypt and further growth in Saudi Arabia and the UAE, where small and medium-sized enterprises (SMEs) account for the majority of registered companies.
The digitization of accounting practices in the region and the implementation of corporate tax has made Wafeq's services all the more important, as the platform complies with requirements set by the Zakat, Tax and Customs Authority of Saudi Arabia, the Federal Tax Authority of the UAE, and soon, the Egyptian Tax Authority.