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UAE accounting start-up Wafeq raises $3m as it aims to enter Egypt

UAE accounting start-up Wafeq raises $3m as it aims to enter Egypt

Financial investment round led by Raed Ventures as well as Wamda

Software-as-a-service start-up Wafeq has actually increased $3 million in a seed-funding round, as the UAE-based firm intends to go into Egypt and also scale up its services across the region.

The financial investment round was led by Riyadh venture capital company Raed Ventures and saw the engagement from Wamda, which intends to increase entrepreneurship ecological communities across the Center East as well as North Africa.

Released in 2019, Dubai-headquartered Wafeq is an audit system that intends to resolve the “unmet money and also accounting requirements of small as well as medium businesses in the center East”, the firm stated.

The most recent fundraising round will certainly assist the business to get in Egypt– the Arab world’s most populous nation– and also increase down on its presence in Saudi Arabia and also the UAE, the area’s biggest economic climates, it added.

” We are simplifying as well as reimagining audit conformity for local business owner and also accounting professionals,” said Nadim Alameddine, chief executive and also owner of Wafeq.

” Thriving little and average companies continue to power the engines of our economic climate. Nonetheless, as they expand, they require to adhere to existing as well as brand-new accountancy regulations in this vibrant ecological community.”

Companies making use of Wafeq create more than 630,000 billings every month, with complete month-to-month invoiced amounts going beyond $117 million, the company claimed.

The business claims its technology aids companies run efficiently while remaining certified with existing as well as new legislations without losing concentrate on their core procedures.

Its system improves the whole bookkeeping process for the clients, from building documents to tracking sales and also invoicing, to automating bank purchases and generating records, the business included.

With its current financing, Wafeq stated it would develop new product functionalities, obtain new consumers as well as hire purposefully across technological as well as non-technical functions.

” We are excited regarding what the platform [Wafeq] can attain for companies in the region as well as their capacity to make a meaningful impact,” said Fadi Ghandour, handling partner at Wamda Capital, Wamda’s sector-agnostic financial investment car, which buys high-growth innovation as well as tech-enabled start-ups.

Wafeq also uses a standalone e-invoicing application programs user interface or API, to clients while enabling organizations to stay compliant with e-invoicing guidelines and also maintaining their existing bookkeeping software, the start-up said.

API is a software program intermediary that allows 2 various applications to link or interact with each various other. For example, each time users open up a mobile app such as LinkedIn to send an instantaneous message or to examine market updates on their mobile phone, they are making use of API.

” We are thrilled to back Wafeq as they solve an issue that affects thousands of businesses in the area,” stated Talal Alasmari, starting partner at Raed Ventures.

” The digitalisation of bookkeeping methods will genuinely transform just how SMEs here run, enhancing operational transparency, developing performances and contributing to economic development.”

Some of the Wafeq customers– who originate from a varied variety of sectors such as having, food as well as beverage, ecommerce and retail– include Tabby, Lean Technologies, Fenix, PiFlow, Ziina and Invygo.

Startups throughout the Middle East, Africa, Pakistan as well as Turkey raised $7.2 billion via 1,473 deals last year, despite macroeconomic and also geopolitical uncertainty, according to a record by data platform Magnitt.

FinTech led both financing and a variety of handle the area, Magnitt located. The field’s financing got to $2.25 billion across 351 deals in 2022.

Last Updated:  25 January 2023

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