(MENAFN) Wafeq, a UAE-located economic software firm for small and medium enterprises, collected USD3 million in a seed investing round ruled by Raed Ventures with contribution from Wamda Capital to strengthen its Saudi presence in addition to grow in Egypt.

Started 4 years ago, Wafeq is a fintech startup that supplies easy-to-use software to enable accounting as well as investing works for SMEs.

In an exclusive meeting with Arab News, Nadim Alamddine, Founder and chief executive at Wafeq, stated that Saudi Arabia is the biggest and highest priority market for the firm.

He asserted that “As such, we will double down on our growth here to continue offering our solutions to SMEs in the Kingdom. We already count some of the most successful SMEs and startups as our customers, and as we grow here, we will continue to help businesses become compliant with accounting regulations.”

Established for the finance and accounting requirements of SMEs in the area, Wafeq’s software is reliable by more than 5,000 business owners and professional accountants processing more than USD117 million in month on month invoices.

“Our platform is used by leading startups and SMEs from a diverse range of industries, including contracting, food and beverage, ecommerce, retail, and more,” Alameddine elaborated.

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