Wednesday, January 25, 2023
Books – Alaa Hajjaj:
The advanced accounting platform “Wafiq” announced the closing of a $3 million seed funding round led by “Raed Ventures” and participation from “Wamda Capital”, two prominent investments in the field of financing startups in the region.
According to a press release issued by Wafaq Company today, Wednesday, the company designed a smart platform to meet the financial and accounting needs of small and medium-sized companies in the Middle East, which were difficult for them to do.
The company said that it is expected to use this funding to enhance its entry into the Egyptian market, and double its presence in both Saudi Arabia and the UAE, especially with increased reliance on cloud accounting platforms.
She indicated that more than 630,000 invoices are generated monthly on the platform, with a total value exceeding $117 million.
She mentioned that small and medium-sized companies constitute more than 98%, 90% and 94% of the companies registered in Egypt, Saudi Arabia and the UAE, respectively, and that she established her platform to help these companies to fully control the management of their business by facing financial and accounting challenges and finding effective solutions to them.
The company explained that this comes in light of the continued reliance of most of these companies on traditional manual methods and outdated software in dealing with accounting transactions, and the incompatibility of global solutions with the regulatory requirements of each country in the region.
The three largest economies in North Africa and the Gulf Cooperation Council countries are witnessing a major shift in financial reporting now, due to the efforts of Saudi Arabia and Egypt in digitizing and automating accounting processes, as well as working on implementing corporate tax in the UAE, according to the statement.
“Wafaq” stated that it meets all the requirements of the Zakat, Tax and Customs Authority in the Kingdom of Saudi Arabia, the Federal Tax Authority in the UAE, and soon the Egyptian Tax Authority.
Nadim Alameddine, CEO and founder of WAFAQ, said that the prosperity of small and medium-sized companies is fuel for economic engines in the countries of the region.
He added that these companies adhere to the existing and new accounting regulations within the framework of the vital economic system in order to continue growth, which is facilitated for them by the Wafaq platform by simplifying the accounting compliance model for accountants and employers.
He stated that the financing obtained by the company will support it in expanding the Egyptian market, and expanding the spread of the service in the Kingdom of Saudi Arabia and the UAE.