• Wafeq secured USD 7.5 million in a Series A round led by 9900 Capital, with participation from investors like Gary Turner and existing backers Raed Ventures and Wamda Capital.
• Wafeq plans to use the funds to expand its presence in Saudi Arabia and the UAE, driving growth and job creation in alignment with Vision 2030’s digital transformation goals.
• Wafeq is committed to simplifying accounting for SMEs, ensuring compliance with evolving tax regulations, and supporting businesses with VAT, e-invoicing, and payroll solutions.

Wafeq, a user-friendly accounting platform, has completed a USD 7.5 million Series A funding round (SAR 28 million), led by 9900 Capital‘s Managing Partner, Chris Corbishley.

The investment was backed by notable investors in the accounting software space, including Gary Turner, the former head of Xero’s operations in Europe, the Middle East, and Africa. Existing backers Raed Ventures and Wamda Capital also reaffirmed their support by participating in this round.

9900 Capital, known for investments in European unicorns like Pennylane and Payhawk, joins Wafeq in its mission to simplify accounting for small and medium-sized enterprises (SMEs) across the Middle East. Turner’s involvement further highlights Wafeq’s potential to transform the regional accounting landscape.

CEO’s Vision and Expansion Plans

Wafeq’s platform processes over 2 million invoices totaling USD 400 million each month, with 90% of this activity coming from Saudi Arabia. Following this funding round, the company intends to accelerate hiring and product development to scale operations rapidly in key markets like Saudi Arabia and the UAE.

Faisal Alhajj, Head of MENA at 9900 Capital, commented: “This is a uniquely transformative time to be investing in the GCC and in Saudi Arabia.

“A new generation of innovative businesses is requiring localized solutions to meet their financial planning and accounting needs.

“ KSA now boasts over 1.5 million SMEs—more than double the number just two years ago—that are going to play a vital role in driving the region’s economic development,” Alhajj noted.

A Focus on Compliance and Innovation

As new tax regulations take effect in Saudi Arabia and the UAE, Wafeq will invest further in compliance-driven product development.

With the introduction of VAT, corporate taxes, and mandatory e-invoicing, businesses must ensure regulatory adherence.

 Wafeq’s platform simplifies compliance while offering a comprehensive view of a company’s finances across all its operations.

Gary Turner, formerly CEO of Xero’s operations in EMEA, added: “Having built and scaled financial software previously, I’m excited to back Wafeq, who is at the forefront of a significant shift in accounting practices in the GCC.

I’m eager to support their journey as they empower businesses with modern, compliant, and user-friendly accounting solutions.”

Supporting SMEs with Modern Solutions

Wafeq’s platform serves SMEs across a wide range of industries, as well as larger companies with its e-invoicing compliance and accounts payable automation solutions. Among its clients are prominent regional businesses like Tabby, AlManea, Platinumlist, Virtuzone, and LikeCard.

Since its founding in 2019, Wafeq has been committed to transforming how SMEs in the Middle East manage their accounting needs.

The platform is designed to meet the specific regulatory requirements of each country, including VAT, e-invoicing, and payroll tax filing. It is fully compliant with Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) and the UAE’s Federal Tax Authority.

As the Middle East’s accounting needs grow more complex, Wafeq is positioning itself as the go-to solution for SMEs, helping them streamline financial operations and stay ahead of regulatory changes.