Wafeq raises $3 million Seed led by Raed Ventures with participation from Wamda Capital

Wafeq raises $3 million Seed led by Raed Ventures with participation from Wamda Capital

UAE-based fintech Wafeq, has raised $3 million in a Seed round led by Raed Ventures with participation from Wamda Capital.

Founded in 2019 by Nadim Alameddine, Wafeq is an accounting platform targeting SMEs in the Middle East, enabling them to conduct their e-invoicing, taxation and employee payroll online. Businesses on Wafeq create over 630,000 invoices every month totalling over $117 million.

The startup will utilise capital to enter Egypt while doubling down on growth in Saudi Arabia and the UAE. 

Press release:

Wafeq, a modern and easy-to-use accounting platform, has announced the completion of its $3 million seed round. The Dubai headquartered company’s seed round was led by Raed Ventures and saw participation from Wamda Capital, both of which are two of the most prominent names in the region’s early-stage funding ecosystem. 

Built for the unmet finance and accounting needs of small and medium businesses in the Middle East, this fundraise will fuel Wafeq’s entry into Egypt, while doubling down on its presence in Saudi Arabia and the UAE. Businesses using Wafeq create over 630,000 invoices every month, with total monthly invoiced amounts exceeding $117 million (SAR 440 mn+).

In Egypt, Saudi Arabia, and the UAE SMEs comprise over