Dubai’s Wafeq raises $7.5 million Collection A to develop its accounting SaaS for SMEs 

Dubai-based accounting software program startup Wafeq has raised $7.5 million in a Collection A funding spherical, it introduced right this moment. The spherical was led by London-based 9900 Capital, with participation from Gary Turner, the previous CEO of Xero’s EMEA operations, and current traders Raed Ventures and Wamda Capital.

Based in 2019 by Nadim Alameddine, Wafeq is an accounting and invoicing software program for (SME) enterprise homeowners and accountants that helps them ship invoices, quotes, and buy orders, handle stock and payroll, and generate totally different monetary stories. The startup claims to have grown to over 8,000 prospects, throughout totally different sectors in lower than 2.5 years.

The UAE startup affords integrations with totally different banks in UAE & Saudi, together with Saudi Awwal Financial institution, Al Rajhi Financial institution, HSBC, and Wio, and Stripe, Foodics, and Salla. It additionally helps companies by mechanically producing VAT returns within the required codecs for the UAE and Saudi tax authorities, making them prepared for submission.

Wafeq affords totally different plans, ranging from $180 per 12 months or $29 per 30 days.

Nadim Alameddine, founder and CEO of Wafer, stated, “The digitization drive of regional companies has been essential in modernizing our economies. With SMEs navigating an evolving regulatory panorama, Wafeq is making certain enterprise homeowners and accounting companies have the instruments to remain compliant and run their companies higher.

“Our Collection A spherical, backed by 9900 Capital, Raed Ventures, and Wamda Capital, places us nearer to simplifying accounting in MENA. As one of many fastest-growing accounting SaaS platforms, we’re excited to announce our hiring plans to develop our presence in KSA and the UAE, supporting job creation and digitization in step with Imaginative and prescient 2030,” he added.

Faisal Alhajj, Head of MENA at 9900 Capital, commented: “A brand new technology of modern companies is requiring localized options to fulfill their monetary planning and accounting wants. The federal government’s digitization efforts beneath Imaginative and prescient 2030 are additionally fostering extra sturdy enterprise practices, and Wafeq’s hyper-localized platform is remodeling SME accounting, empowering them to handle their funds in a easy and efficient method. With a deep understanding of the area and a best-in-class product, Wafeq is well-positioned to assist SMEs as they unlock this important progress wave in MENA.”

The startup plans to make use of the newest funds to speed up its product growth and develop its crew.

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