UAE – Mubasher: Dubai-based Wafeq has closed its $7.50 million (SAR 28 million) in a Series A funding round to double down on its Saudi operations and expand in the UAE as well as the GCC region, according to a press release.
The fundraising transaction was led by 9900 Capital, with participation from Gary Turner, formerly CEO of Xero’s operations in EMEA, along with existing investors Raed Ventures and Wamda Capital.
Wafeq aims to help SME owners run their businesses and reshape regional accounting transformation.
Open banking and integrations with leading banks in the region, such as Saudi Awwal Bank (SAB), Al Rajhi Bank, HSBC, and Wio, enabled Wafeq to automate accounting in ways that are not possible with competitors.
Nadim Alameddine, CEO and Founder of Wafeq, commented: “Our Series A round, backed by 9900 Capital, Raed Ventures, and Wamda Capital, puts us one step closer to simplifying accounting in MENA.
“We are excited to announce our hiring plans to grow our existing presence in KSA and the UAE. This will allow us to support job creation and the digitisation of the UAE and the Kingdom in line with Vision 2030,” Alameddine noted.
Faisal Alhajj, Head of MENA at 9900 Capital, commented: “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.”
