Wafeq provides a modern, easy-to-use accounting platform aimed at small and medium-sized enterprises, with features including ZATCA-compliant e-invoicing, payroll, VAT reporting, and accounts payable automation. The platform integrates with leading banks and is designed to help SMEs streamline financial management and stay compliant with evolving tax policies in Saudi Arabia and the UAE. Founded in 2019 by Nadim Alameddine, Wafeq is UAE-based and targets region-specific regulatory compliance. The company plans to use new funding to expand its presence in Saudi Arabia and the UAE, double hiring, and accelerate product development aligned with Vision 2030 initiatives. The article does not disclose revenue or user metrics. Founded by Nadim Alameddine in 2019, Wafeq moved from providing accounting services to launching a scalable accounting and e-invoicing SaaS in 2021. Its platform enables clients to generate VAT returns, manage inventory, payroll, bills, track expenses and produce actionable financial reports and insights. Wafeq offers three plans targeting businesses that need compliant invoicing, accounts-payable management, or a full accounting solution that includes inventory and payroll, and it provides an enterprise API product for e-invoicing. The company is a ratified provider in Saudi Arabia and the UAE (where e-invoicing is not yet mandatory) and is seeking approval from the Egyptian Tax Authority. Currently the platform creates over 630,000 invoices per month, with monthly invoiced amounts exceeding $117 million. Wafeq is pursuing expansion into Egypt while doubling down on traction in its existing Gulf markets to capitalize on regulatory changes driving demand.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Dec 2024