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Dubai-based accounting and financial compliance startup, Wafeq, raises $3M

Dubai-based accounting and financial compliance startup, Wafeq, raises $3M

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#finance
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#funding
In 2016, the Gulf Cooperation Council (GCC) member states signed the Value Added Tax (VAT) agreement paving way for the introduction of the general levy on consumption across the region. The United Arabs Emirates (UAE) and Saudi Arabia became the first member states to adopt the treaty in 2018, and its implementation meant that for the first time businesses in these territories were required to file VAT returns periodically.

Wafeq, a UAE-based start-up that launched in 2019, has secured $3m in seed funding in a round led by Raed Ventures and participated by Wamda Capital. The company initially offered accounting services but later launched a scalable accounting and e-invoicing software-as-a-service solution targeted at clients in the UAE and Saudi Arabia. Wafeq is now looking to expand into Egypt and double down on its existing markets as businesses comply with evolving accounting and financial requirements. The company's accounting platform makes it easy for clients to generate VAT returns, manage inventory, payrolls, bills and track expenses, and also generates actionable financial reports and insights for businesses.


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