“Can a ZATCA-compliant accounting SaaS become the full financial operating system for Middle East SMBs by embedding bank connectivity, payout automation, and payroll into the accounting layer?”
Founded in 2019 by Nadim Alameddine as an accounting services startup in Dubai, capitalizing on the GCC's new VAT requirement. Pivoted in 2021 to a fully cloud-based SaaS model for accounting, e-invoicing, and ZATCA compliance. Grew rapidly to 10,000+ customers and $400M+ in monthly invoice volume by 2024, differentiating through hyper-localization and direct bank integrations with Saudi and UAE banks. Now expanding beyond compliance-first accounting toward a broader financial OS for Middle East SMBs, including payroll, payout automation, and embedded bank connectivity.
Wafeq processes payments through Stripe.
Wafeq's lending and capital products are provided by Comfi.
Wafeq integrates with Stripe, Wio, Enfaq, Kema, Foodics, Supy and Baguno.
The Embedded Finance Index 2026 maps 3 layers in Wafeq's stack: Payments / PSP (Stripe); Lending (Comfi); Accounting (Stripe, Wio, Enfaq, Kema and 3 others).
Wafeq was founded by Nadim Alameddine and is founded in 2019, headquartered in Riyadh, Saudi Arabia.
Wafeq has raised $10.5M in total (latest round: Series A, November 2024).
Get a read on where your own stack stands against Wafeq and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.