Wafeq, Comfi Unveil US$5 Million Invoice Financing Facility

Comfi, the UAE-based business-to-business (B2B) embedded finance startup, has partnered with the UAE-based cloud accounting software provider Wafeq to roll out a US$5 million invoice financing facility targeting small and medium-sized enterprises (SMEs) across the country.

The initiative shall offer real-time working capital to Wafeq’s 10,000+ SME clients, unlocking up to AED2 million ($544,513) in funding per business while preserving their sales cycles. 

Founded by Alisher Akbarov, Amal Abdullaev, and Sanjar Samiev in 2023, Comfi helps manufacturers and suppliers with flexible payment solutions for their buyers while ensuring upfront payments.

Wafeq, which was founded by Nadim Alameddine in 2019, provides tools for SMEs in the Middle East to manage financial operations and compliance with local regulations. The platform, which raised $7.5 million in a Series A funding round in 2024, processes over two million invoices totaling $400 million monthly, 90 percent of which are from Saudi Arabia.

The partnership with Comfi is set to allow Wafeq users to convert their outstanding invoices into immediate financing directly through the software they already use. 

Inc. Arabia talked to Comfi’s leadership team to understand how their $5 million financing partnership with Wafeq aims to address growing demand for liquidity among SMEs in the UAE and beyond. “At Comfi, we see firsthand that cash flow remains the #1 constraint for SME growth in the region," said Samiev, co-founder and CEO of Comfi. "SMEs often carry the burden of financing their customers—delivering products and services on credit while waiting 30 to 90 days or more to get paid. This is especially acute in sectors like fast-moving consumer goods (FMCGs) where high inventory turnover and thin margins amplify pressure."

According to Samiev, Wafeq currently processes over AED500 million ($136.13 million) in monthly invoice volume, offering Comfi a clear path to meet demand where it already exists. “This integration brings financing directly into the software they already use daily—no new apps, no extra friction,” he noted. Plus, the platform’s embedded model is designed to remove the traditional bottlenecks of SME financing. Rather than relying on lengthy onboarding or paperwork, Comfi uses real-time invoice and buyer data to quickly approve credit at scale. 

Abdullaev, co-founder and Chief Revenue Officer (CRO) at Comfi, explained that the system operates on two levels, with the first being invoice discounting. “We pull invoice data and associated buyer history directly via Wafeq’s application programming interface (API) and combine that with alternative data such as trade license and Al Etihad Credit Bureau (AECB),” Abdullaev said. “This enables us to assign credit limits automatically—without requiring document uploads or manual onboarding.” 

Wafeq-issued invoices appear directly in the Comfi dashboard, where users can create funding requests in just a few clicks, after which funds are disbursed within 24 hours. “It’s a fully post-sale receivables financing process that integrates cleanly into their workflow—no disruption, just working capital on demand,” Abdullaev said. A second component, which will be introduced soon, is a “pay later” feature embedded into outgoing Wafeq invoices. When a buyer selects this option, Comfi handles the credit check and upfront payment to the supplier while collecting from the buyer on the agreed due date. “It’s a seamless embedded credit layer that allows suppliers to offer payment terms without chasing collections—and buyers to access finance without asking for it,” Abdullaev explained. 

As the market continues to evolve, the Comfi team anticipate significant shifts in how SMEs manage their finances. “Looking into 2025, we expect demand for embedded credit to rise sharply, as more SMEs digitalize their back offices and begin leveraging working capital tools not just for survival—but for strategic growth,” Samiev told us. 

This perspective highlights a fundamental shift in how some SMEs can approach working capital management to fuel growth. “Founders should treat invoice financing not as a one-off lifeline, but as a recurring tool to optimize working capital and unlock growth,” said Akbarov, co-founder and COO of Comfi. “The smartest companies we work with use financing strategically—to ramp up inventory ahead of peak seasons, to extend payment terms to key clients, or to reinvest into marketing and hiring without waiting for receivables to clear.” 

Comfi, which secured a $5 million debt facility from an Abu Dhabi-based private family office last year, wants to help businesses use invoice financing strategically. The company is also developing new verticals under the same embedded model, including payables finance, which would allow SMEs to extend vendor payment timelines, and trade finance, which supports cross-border sourcing and foreign exchange exposure. 

“Our vision is to embed Comfi as the financial layer inside the software platforms SMEs already use and trust,” Samiev said. “Whether it’s getting paid faster, paying smarter, or managing global supplier relationships—we want to give business owners financial tools that are real-time, reliable, and built into their daily operations.”  

Comfi’s roadmap includes new financial products and broader regional expansion, particularly in Saudi Arabia, where Wafeq has a wide user base. “Saudi Arabia is our next strategic focus, and we’re already in advanced discussions with local partners to scale the Wafeq integration there,” said Samiev. “The demand for embedded, frictionless B2B credit is high, especially in sectors like manufacturing, wholesale, and distribution. We believe embedded finance is not just a UAE opportunity—it’s a regional transformation in how B2B trade is funded.” 

Pictured in the lead image are Comfi co-founders Alisher Akbarov, Sanjar Samiev, and Amal Abdullaev. Image courtesy Comfi.