25th January 2023, Kathmandu
The Gulf Cooperation Council (GCC) member states signed the Value Added Tax (VAT) agreement in 2016. Paving the way for the implementation of a regional consumption tax.
The United Arab Emirates (UAE) and Saudi Arabia were the first member states to adopt the treaty in 2018. And, as a result of its implementation, businesses in these areas were required to file regular VAT returns for the first time.
A resident of the UAE, Nadim Alameddine, says he immediately saw an opportunity in the accounting space as businesses sought to file returns as required by the new law.
This prompted him to find Wafeq in 2019. A startup that initially provided accounting services before launching a scalable accounting and e-invoicing SaaS solution aimed at clients in the UAE and Saudi Arabia in 2021.
Dubai-based accounting and financial compliance startup, Wafeq, raises $3M
Dubai-based accounting and financial compliance startup, Wafeq, has reportedly raised $3 million in funding in a recent funding round.
The funding round was led by Dubai-based venture capital firm Shorooq Partners, with participation from other investors.
This funding will also be used to expand the platform’s reach to more businesses in the Middle East and North Africa (MENA) region.
Wafeq is a financial compliance platform that helps businesses in the MENA region manage their accounting and compliance needs.
The platform offers a range of services, including bookkeeping, tax compliance, and financial reporting. It aims to simplify the compliance process for businesses by automating most of the routine tasks. As well as it provides a user-friendly interface.
This will help businesses in the region streamline their accounting and compliance processes. Making it easier for them to grow and succeed.
The company was founded in 2019 and has already gained traction in the region. Helping businesses in the UAE, Saudi Arabia, and Bahrain to comply with their financial regulations. Thus, the platform is designed to cater to the specific needs of the MENA region. And makes it easy for businesses to stay compliant with local regulations.
Therefore, the platform’s automation capabilities help businesses save time and resources that would have been spent on manual compliance tasks.
Furthermore, the funding will be used to further develop the platform and expand its reach to more businesses in the region.
The company plans to use the funds to hire more talent. Expand its product offerings and develop new features to better serve its customers.
Additionally, the company is also looking to expand its presence in the region by opening new offices in key markets. Providing better support and services to its customers.
Additionally, the announcement of the funding round comes amid growing interest in the fintech and accounting technology space in the Middle East. The region has seen several startups in these areas receive funding in recent years.
As more businesses look to take advantage of the latest technology to improve their operations.
Furthermore, The fintech sector in the MENA region is expected to grow significantly in the coming years. So, More and more businesses are looking for ways to smooth their operations and stay compliant with local regulations.
Wafeq’s focus is on simplifying the compliance process for businesses. Which makes it a valuable addition to the fintech landscape in the region.
So, his company’s platform can help businesses save time and resources by automating routine compliance tasks. Allowing them to focus on their core business activities.
The funding will allow the company to expand its reach and help more businesses in the region stay compliant with local regulations. It will in turn help the region’s businesses to grow and succeed.
In conclusion, Dubai-based accounting and financial compliance startup, Wafeq, has raised $3 million in a funding round led by Dubai-based venture capital firm Shorooq Partners. So, the company provides a platform that helps businesses in the MENA region manage their accounting and compliance needs.
Therefore, the company’s goal is to simplify the compliance process for businesses by automating most of the routine tasks and providing a user-friendly interface.