UAE’s Fintech Startup Wafeq Raises $3 Million Seed Round
The new funding will be used to support Wafeq’s entry into the Egyptian market.
Wafeq, a UAE-based accounting platform, has raised a $3 million Seed round led by Raed Ventures, with participation from Wamda Capital.
Founded in 2019 by Nadim Alameddine, Wafeq works with SMEs in the Middle East to enable them to conduct their accounting services online, including invoicing, taxation and employee payroll.
"Thriving small and medium businesses continue to power the engines of our economy. However, as they grow, they need to comply with current and new accounting regulations in this dynamic ecosystem,” Nadim Alameddine, CEO & Founder of Wafeq, tells StartupScene. “With Wafeq, we are simplifying and reimagining accounting compliance for business owners and accountants. Together with the backing of Raed Ventures and Wamda Capital, we are excited about our entry into Egypt while growing our presence in Saudi Arabia and the UAE.”
Through the startup’s platform, businesses can stay compliant with new and existing laws and streamline their accounting process, from tracking sales and invoicing to automating bank transactions and generating reports. Wafeq also offers stand alone invoicing for businesses and startups who require a third party to manage their accounting.
Since its founding, Wafeq has served clients such as Tabby, Lean Technologies, DAPI, Fenix, and Invygo. It is now working with clients in a wide range of industries such as contracting, food and beverages, e-commerce, and retail amongst others.
The new funding will be used to support Wafeq’s entry into the Egyptian market while doubling down on its presence in Saudi Arabia and the UAE.
The UAE is the most funded startup ecosystem in the region, raising $1.19 billion in 2022, according to Magnitt’s latest Emerging Venture Markets Report. Fintech was also the most funded sector in the region, attracting a total of $351 million last year. Some fintech startups that received the lion’s share of funding in 2022 include UAE’s Pyypl, raising $20 million, Saudi’s Manafa raising $28 million, and UAE-based Qashio raising $10 million.