Wafeq Bags US$7.5 Million in Series A Funding
The investment was backed by Chris Corbishley, managing partner at 9900 Capital.
Wafeq founder Nadim Alameddine. Courtesy of Wafeq
Wafeq, an accounting platform designed for small and medium-sized enterprises (SMEs) and headquartered in the UAE, has raised US$7.5 million in a Series A funding round. The investment will support the company’s plan to digitize and enhance accounting processes for SMEs while ensuring regulatory compliance across the region.
The funding round was led by Chris Corbishley, managing partner at 9900 Capital, who has previously invested in European unicorns Pennylane and Payhawk. Other participants included Gary Turner, formerly CEO of Xero’s operations in Europe, the Middle East and Africa (EMEA), and existing investors Raed Ventures and Wamda Capital.
Founded in 2019 by Nadim Alameddine, Wafeq provides tools for SMEs in the Middle East to manage financial operations and compliance with local regulations. The platform processes over 2 million invoices totaling $400 million monthly, 90 percent of which are from Saudi Arabia.
Wafeq integrates with regional banks, including Saudi Awwal Bank, Al Rajhi Bank, HSBC, and Wio, to automate accounting tasks. It supports businesses in meeting taxation requirements, including value-added tax (VAT), corporate tax, and e-invoicing in KSA and the UAE.
Wafeq serves various industries and its client list includes companies like Tabby, AlManea, Platinumlist, Virtuzone, and LikeCard.
Furthermore, Wafeq provides a centralized dashboard that allows businesses to track finances and meet local regulatory standards.
In January 2023, Wafeq secured $3 million in a Seed round led by Raed Ventures with participation from Wamda Capital.
In a statement, Faisal Alhajj, head of MENA at 9900 Capital, commented: “This is a uniquely transformative time to be investing in the GCC and in Saudi Arabia. A new generation of innovative businesses is requiring localized solutions to meet their financial planning and accounting needs. KSA now boasts over 1.5 million SMEs — more than double the number just two years ago — that are going to play a vital role in driving the region’s economic development. The government’s digitization efforts under Vision 2030 are also fostering more robust business practices, and Wafeq’s hyper-localized platform is transforming SME accounting, empowering them to manage their finances in a simple and effective manner. With a deep understanding of the region and a best-in-class product, Wafeq is well-positioned to support SMEs as they unlock this significant growth wave in MENA.”
In an interview with Inc. Arabia, Alameddine shared insights into the company’s strategy, its plans for expansion, and its approach to accounting solutions in the Middle East. “From the start, Wafeq has been designed with hyper localization at its core. We’re not just a translation of a global product; we’re purpose-built to address the specific accounting and regulatory requirements of businesses operating in the Middle East. While many accounting platforms offer standard tools, our focus on regional compliance, open banking integrations, and a user-friendly interface tailored for SMEs in MENA positions Wafeq as the go-to choice. Our rapid growth to over 8,000 customers in under 2.5 years, and the issuance of 2 million invoices worth $400 million monthly, testifies to the strong market fit we’ve created through these differentiators.”
Regarding Wafeq's future plans, Alameddine shared that the company’s immediate priority is expanding further in Saudi Arabia and the UAE, where it currently derives most of its business. However, he also noted the company’s goals for growth across the broader Middle East. “Our immediate priority is to deepen our presence in Saudi Arabia — where 90 percent of our business currently comes from — and to continue growing in the UAE. However, the underlying principles that have driven our success in these markets, such as compliance, localization, and usability, are applicable across the broader Middle East. We’re already planning to enter additional GCC markets and will evaluate opportunities beyond the region where we believe our localized and compliance-centric approach can add value. As we grow, we’ll continue to adapt our product to meet the evolving regulatory landscapes and banking infrastructure of new markets, ensuring that Wafeq remains a trusted partner for SMEs across MENA and potentially beyond.”
Finally, Alameddine discussed his experience fundraising for this round. “Despite the cooling Series A market, this round was unexpectedly quick and easy for us, mainly because our lead investor 9900 Capital understands the space really well. Chris Corbishley, one of the founders of 9900 Capital, invested in the past in Pennylane’s Series A – essentially our French counterpart which is now a unicorn.”
