Wafeq strengthens presence in GCC and expands to Egypt with new funding


Wafeq strengthens presence in GCC and expands to Egypt with new funding

Wafeq raises $3 million seed round to fuel its entry into Egypt, while doubling down on its presence in Saudi Arabia and the UAE. The Dubai headquartered accounting platform’s seed round was led by Raed Ventures and saw participation from Wamda Capital. With its recent funding, Wafeq will continue to innovate and build new product functionalities, while also focusing on customer acquisition and hiring strategically across technical and non-technical roles

Built for the unmet finance and accounting needs of small and medium businesses in the Middle East, Wafeq creates over 630,000 invoices every month, with total monthly invoiced amounts exceeding US$117 million.

In Egypt, Saudi Arabia, and the UAE, SMEs comprise over 98 percent, 90 percent and 94 percent respectively of all companies registered. With most regional accounting still done manually or through legacy software or via global solutions not compatible with country-specific requirements, Wafeq was founded to help SMEs run a better business by solving their finance and accounting challenges. Launched in 2019, the company initially focused on startups and then quickly expanded to SMEs in a diverse range of industries, including contracting, food and beverage, ecommerce, retail, among others.

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