Dubai-based accounting software startup Wafeq has raised $7.5 million in a Series A funding round, it announced today. The round was led by London-based 9900 Capital, with participation from Gary Turner, the former CEO of Xero’s EMEA operations, and existing investors Raed Ventures and Wamda Capital.

Founded in 2019 by Nadim Alameddine, Wafeq is an accounting and invoicing software for (SME) business owners and accountants that helps them send invoices, quotes, and purchase orders, manage inventory and payroll, and generate different financial reports. The startup claims to have grown to over 8,000 customers, across different sectors in less than 2.5 years.

The UAE startup offers integrations with different banks in UAE & Saudi, including Saudi Awwal Bank, Al Rajhi Bank, HSBC, and Wio, and Stripe, Foodics, and Salla. It also helps businesses by automatically generating VAT returns in the required formats for the UAE and Saudi tax authorities, making them ready for submission.

Wafeq offers different plans, starting from $180 per year or $29 per month.

Nadim Alameddine, founder and CEO of Wafer, said, “The digitization drive of regional businesses has been crucial in modernizing our economies. With SMEs navigating an evolving regulatory landscape, Wafeq is ensuring business owners and accounting firms have the tools to stay compliant and run their businesses better.

“Our Series A round, backed by 9900 Capital, Raed Ventures, and Wamda Capital, puts us closer to simplifying accounting in MENA. As one of the fastest-growing accounting SaaS platforms, we’re excited to announce our hiring plans to grow our presence in KSA and the UAE, supporting job creation and digitization in line with Vision 2030,” he added.

Faisal Alhajj, Head of MENA at 9900 Capital, commented: “A new generation of innovative businesses is requiring localized solutions to meet their financial planning and accounting needs. The government’s digitization efforts under Vision 2030 are also fostering more robust business practices, and Wafeq’s hyper-localized platform is transforming SME accounting, empowering them to manage their finances in a simple and effective manner. With a deep understanding of the region and a best-in-class product, Wafeq is well-positioned to support SMEs as they unlock this significant growth wave in MENA.”

The startup plans to use the latest funds to accelerate its product development and expand its team.