Wafeq, an accounting and financial compliance startup, raised $3 million in a seed round. The round was led by Raed Ventures and witnessed participation from Wamda Capital.

Wafeq will use the funds raised to enter the Egyptian market while expanding its presence in Saudi Arabia and the UAE. The startup will also continue to innovate and build new product functionalities, while also focusing on customer acquisition and hiring talent across technical and non-technical roles.

“Thriving small and medium businesses continue to power the engines of our economy. However, as they grow, they need to comply with current and new accounting regulations in this dynamic ecosystem. With Wafeq, we are simplifying and reimagining accounting compliance for business owners and accountants. Together with the backing of Raed Ventures and Wamda Capital, we are excited about our entry into Egypt while growing our presence in Saudi Arabia and the UAE,” Nadim Alameddine, CEO & Founder, Wafeq, said. 

Wafeq was founded in 2019 by Nadim Alameddine, it uses technology to help businesses run better, by staying compliant with existing and new laws without losing focus on their core operations. 

The startup’s platform streamlines the entire accounting process for its clients, from building records to tracking sales and invoicing, to automating bank transactions and generating reports.