Wafeq Secures $7.5 Million to Expand Operations in Saudi Arabia and the UAE
Series A Investment Round
Wafeq, a leading platform specializing in financial technology solutions for SMEs, has announced the successful completion of its Series A funding round, raising $7.5 million. The round was led by 9900 Capital with participation from Gary Turner, former CEO of Xero’s operations in Europe, the Middle East, and Africa, alongside existing investors Raed Ventures and Wamda Capital.
Expansion and Growth Plans
Wafeq aims to bolster its operations in Saudi Arabia, which currently accounts for 90% of its total business, while also expanding into the UAE. The platform serves prominent clients, including:
- Tabby
- AlManea
- Platinumlist
- Virtuzone
- LikeCard
Comprehensive Business Management Platform
Founded in 2019 by Nadim Alameddine, Wafeq offers end-to-end accounting solutions tailored for SMEs in the Middle East. Its services include:
- Electronic Invoicing: Issuing over 2 million invoices monthly, valued at more than $400 million.
- Tax Management: Simplifying tax compliance.
- Payroll Services: Online payroll management.
Enhancing Compliance and Organization
Nadim Alameddine, Founder and CEO of Wafeq, commented:
“As the regulatory landscape evolves for SMEs, Wafeq ensures business owners and accounting firms have the tools they need to comply and better manage their operations.”
Continued Investor Support
Wamda Capital also participated in Wafeq’s previous funding round in early 2023, where the company secured $3 million in Seed funding.
Target Market and Vision
The SME sector in the Middle East is experiencing rapid growth, driving demand for fintech solutions that simplify business management and regulatory compliance. Wafeq aims to become the top choice for SMEs in the region by offering innovative and user-friendly solutions.
Future Outlook
With the new funding, Wafeq plans to:
- Expand its services in the Saudi market.
- Launch new products tailored to SMEs.
- Strengthen its presence in the UAE, where it sees significant growth opportunities.