Dubai Accounting Startup Wafeq Raises $3 Million Seed Round

Dubai Accounting Startup Wafeq Raises $3 Million Seed Round

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 98%, 90% 94% of all companies registered respectively. With most regional accounting still done manually or through legacy software, and 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.

With the digitization of accounting practices in Saudi Arabia and Egypt and the introduction of corporate tax in the UAE, the three largest economies in North Africa and the GCC are undergoing a significant shift in financial reporting. Wafeq meets every requirement