Wafeq

Wafeq is a cloud accounting platform for small and medium businesses that bundles invoicing, e-invoicing, inventory, payroll and tax compliance with more than 40 financial reports, plus a REST API for developers. Founded in Dubai in 2019 by Nadim Alameddine, it targets business owners and accountants in the UAE and Saudi Arabia, where it integrates with local banks and tax authorities. It raised a $3 million seed round led by Raed Ventures in January 2023 and a $7.5 million Series A led by 9900 Capital in December 2024, and its site reports over 18,000 companies using the product.