Wafeq, an accounting platform headquartered in the United Arab Emirates, has raised US$7.5 million in a Series A funding round.

This round was led by 9900 Capital and featured participation from Gary Turner, the former head of Xero EMEA, as well as existing investors Raed Ventures and Wamda Capital.

The funds will be used to hire new staff and develop compliance-focused products.

This funding follows a previous US$3 million seed round led by Raed Ventures and supported by Wamda Capital.

Founded in 2019 by Nadim Alameddine, Wafeq provides accounting solutions tailored to small and medium-sized enterprises (SMEs) and larger companies.

The platform focuses on e-invoicing compliance and accounts payable automation and operates in both the UAE and Saudi Arabia.