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Dubai-Based Wafeq Is Helping SMEs Balance Their Books
The software-as-a-service (SaaS) startup raised $3 million in a January funding round.
Founded in 2019 by Lebanese entrepreneur Nadim Alameddine, Wafeq is a Dubai-based SaaS platform that provides finance and accounting tools for small and medium businesses in the Middle East.
Nadim first noticed a market gap and potential opportunity back in 2018, when the UAE government announced the introduced VAT.
“I had to set up the accounting framework for my first startup on my own to be able to file the VAT returns. I realized there is no strong, localized accounting software brand for our region like in other mature markets […] I researched the opportunity further, and it became clear that the market for it will be very large. That’s when I decided to launch Wafeq,” says Nadim Alameddine, Wafeq founder.
However, despite Wafeq’s successes, over three years of development were needed before the company launched its first product at the end of 2022.
Alameddine’s business idea seems to have been a wise one, with demand for accounting software growing exponentially across the MENA region. Legacy platforms are struggling to keep up with numerous regulation changes in accounting, while Wafeq, on the other hand, is uniquely poised to meet the needs of modern businesses, with features such as e-invoicing, which are becoming a legal obligation in some jurisdictions.
Wafeq is currently working to meet the tax requirements of authorities in the UAE, Saudi Arabia and Egypt — some of the Arab world’s largest economies. Wafeq was initially bootstrapped using the founder’s own capital, though it has now raised $3 million in a January funding round. Riyadh venture capital firm Raed Ventures led the investment round with the participation of Wamda, a platform of programs and networks that aims to accelerate entrepreneurship ecosystems across MENA.
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The startup is in no hurry to raise new capital, and Nadim Alameddine has no plans to exit the business, instead intending to establish strong long-term foundations. According to the company, businesses using Wafeq generate over 630,000 invoices monthly, exceeding $117 million in value.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
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The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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