Wafeq, a UAE-based accounting platform, has successfully raised $7.5 million in its latest Series A funding round.
The funding round was led by 9900 Capital and included participation from Gary Turner, former head of Xero EMEA. Existing investors Raed Ventures and Wamda Capital also joined the round. Wafeq plans to use the new capital to hire staff and develop compliance-focused products.
Wafeq raised $3 million in a previous seed round led by Raed Ventures and Wamda Capital. This latest injection brings the company’s total funding to $10.5 million.
Founded in 2019 by Nadim Alameddine, Wafeq offers accounting tools tailored to SMEs and larger firms. The platform specializes in e-invoicing compliance and automating accounts payable processes. Currently, Wafeq operates in both the UAE and Saudi Arabia.
Wafeq helps companies stay compliant with tax regulations through automated and localized accounting solutions. With increasing regulation in the region, demand for such platforms is rising quickly.
Wafeq is building the future of Gulf accounting by addressing regional compliance challenges. The company offers scalable and user-friendly solutions to help businesses grow sustainably.
As digital transformation accelerates across the Middle East, Wafeq is building the future of Gulf accounting with tech-forward, regulation-compliant features.
Wafeq is building the future of Gulf accounting while preparing to launch new features that support businesses in a rapidly evolving market.
The fresh funds will support Wafeq’s expansion plans, including talent acquisition and product innovation. The company remains committed to helping firms navigate the shifting landscape of regional financial regulations.
