SEO Tips seo company Dubai-based accounting and monetary compliance startup, Wafeq, raises $3M • TechCrunch

Dubai-based accounting and monetary compliance startup, Wafeq, raises $3M • TechCrunch

In 2016, the Gulf Cooperation Council (GCC) member states signed the Worth Added Tax (VAT) settlement paving approach for the introduction of the overall levy on consumption throughout the area. The United Arabs Emirates (U.A.E) and Saudi Arabia grew to become the primary member states to undertake the treaty in 2018, and its implementation meant that for the primary time companies in these territories had been required to file VAT returns periodically.

Nadim Alameddine, a U.A.E resident, says he instantly noticed a possibility within the accounting area as companies sought to file returns as required by the brand new legislation. This impressed him to launch Wafeq in 2019, a startup that originally supplied accounting providers and later, in 2021, launched a scalable accounting and e-invoicing SaaS resolution centered on shoppers in U.A.E and Saudi Arabia.

Wafeq is now exploring new progress alternatives in Egypt whereas doubling down on its current markets as companies adjust to evolving accounting and monetary necessities. The expansion plans observe a $3 million seed funding it has secured in a spherical led by Raed Ventures and took part by Wamda Capital.

“There are regulatory adjustments taking place in Saudi Arabia and Egypt, and that’s what we are attempting to capitalize on in the meanwhile… we’re additionally doubling down on our current markets, the place we have already got good traction,” Alameddine advised TechCrunch.

Egypt and Saudi Arabia at the moment require companies to be e-invoicing compliant, which he says has led to a surge in demand for accounting software program, which Wafeq is tapping by way of its enterprise (API) product.

Wafeq is a ratified supplier in Saudi Arabia, and the UAE (e-invoicing is just not obligatory there but). The startup is within the means of searching for approval from the Egyptian Tax Authority too. Alameddine mentioned the North African nation affords large alternatives for the startup as it’s dwelling to tens of millions of small medium companies.

Dubai-based Wafeq, powering accounting and financial compliance for SMEs, raises $3M seed funding

Dubai-based Wafeq says its powering accounting and monetary compliance for SMEs. Picture courtesy: Wafeq

Its accounting platform, however, makes it simple for shoppers to generate their VAT returns, handle stock, payrolls, payments and observe bills. It additionally generates actionable monetary stories and insights for companies.

“We place ourselves as a full accounting software program for SMEs, and we provide three completely different plans serving companies trying to ship compliant invoices, handle their accounts payable, or these searching for a full accounting resolution that features stock administration and payroll providers,” mentioned Alameddine.

At present, over 630,000 invoices are created each month by way of its platform, with the whole month-to-month invoiced quantities exceeding $117 million. They anticipate this to develop enormously within the wake of its progress plans.

Commenting on the deal, Talal Alasmari, the Founding Associate of Raed Ventures mentioned; “We’re thrilled to again Wafeq as they remedy an issue that impacts hundreds of companies within the area. The digitalisation of accounting practices will really rework how SMEs right here function, rising operational transparency, creating efficiencies and contributing to financial progress.”

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