Wafeq
- Company typePrivate
- Founded2019
- HeadquartersRiyadh, Saudi Arabia
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
Wafeq firmographics
Firmographics- Name
- Wafeq
- Legal name
- Wafeq FZ-LLC
- Website
- https://wafeq.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
Wafeq industry classification
Industry- Product category
- Cloud Accounting Software
- NAICS
- Offices of Certified Public Accountants (541211), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Processing & Data Preparation (7374)
- akta.pro primary industry
- Expense Management & Reimbursements Administration (BPACAIAH)
- akta.pro secondary industries
- Distribution & Wholesale ERP (Inventory, Order, Warehouse) (HDAEAEAC), Intelligent Document Processing (IDP) & OCR Automation (HDAEAHAC), Document Capture, Scanning, OCR/ICR & Intelligent Document Processing (IDP) (HDAEAGAD)
Keywords
Where Wafeq is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
Wafeq business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations, Others
Revenue model
- SaaS Subscription (Tiered Plans): Wafeq generates revenue through tiered monthly and annual SaaS subscription plans. Plans range from Starter (USD 26/month billed annually) to Premium (USD 55/month billed annually) to Enterprise (quote-based). Revenue is subscription-based recurring with annual billing incentives (2 months free). New customers get a 14-day free trial with no credit card required. Additional revenue comes from OCR scan limits per tier (20-500 scans/month on standard plans, unlimited on Enterprise) and optional add-on services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Starter — USD 32/month (USD 26 billed annually). For small businesses needing invoicing only. |
| Subscription | Annual | Plus — USD 39/month (USD 32 billed annually). For businesses that want to control their finances. |
| Subscription | Annual | Premium — USD 67/month (USD 55 billed annually). For those looking for a complete accounting solution. |
| Subscription | Annual | Enterprise — Custom/Quote. For medium and large companies with advanced and custom needs. |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
Wafeq product offering
Product offeringCore offering
Wafeq is a cloud-based accounting and e-invoicing SaaS platform serving SMEs and accountants in the Middle East (Saudi Arabia, UAE, Egypt). It delivers invoicing, expense tracking, payroll, inventory management, multi-currency support, and consolidated financial reporting, with automated VAT return generation in ZATCA (Saudi Arabia) and FTA (UAE) formats. The platform includes AI-powered OCR that extracts accounting data from invoices, receipts, and bills, reducing manual entry time by up to 90%, and exposes a bulk e-invoicing API for ERP integration.
Product overview
Wafeq is a cloud-based accounting and e-invoicing platform serving SMEs in the Middle East (primarily KSA, UAE, and Egypt). The platform operates as a unified product with four pricing tiers (Starter, Plus, Premium, Enterprise) that scale from basic invoicing to comprehensive enterprise accounting. Core capabilities include accounting/ledger management, invoicing and quotes, expense tracking and claims, payroll, inventory management, and automated VAT/e-invoicing compliance for ZATCA (KSA) and FTA (UAE) requirements. Key modules include the AI-powered OCR feature for document data extraction, a ZATCA QR Scanner mobile app for invoice verification, and an E-Invoicing API for enterprise ERP integrations. The platform is offered in both English and Arabic with dedicated accountant partner and accounting firm programs.
Differentiator
Problem solved
Functional benefit
Products and services
- Wafeq Cloud Accounting Platform Cloud-based SaaS platform providing invoicing, quotes, purchase orders, expense tracking, payroll, inventory, multi-currency accounting, VAT return generation, ZATCA Phase 1 and 2 e-invoicing compliance, and over 40 financial reports. Built for SME owners and accountants across KSA, UAE, and Egypt.
- Wafeq E-Invoicing API Developer-facing API enabling bulk e-invoicing in ZATCA Phase 2 compliant XML and PDF/A-3 formats and integration with any ERP. Targeted at enterprise IT teams and accounting software developers.
- ZATCA QR Scanner Mobile App Free iOS and Android mobile app that scans ZATCA Phase 1 and Phase 2 e-invoice QR codes to verify compliance, decode invoice details, and confirm issuer identity. Decodes simplified QR structure and verifies cryptographic stamps on Phase 2 invoices. Works offline without a Wafeq account.
Quantifiable outcome
- Cut bill entry time by up to 90% using AI OCR
- +5 more outcomes
Companies that use Wafeq
Customer profileNamed customers16 records
Segments3 records
Ideal customer profiles3 records
Wafeq technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability4 records
Feature14 records
Wafeq partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and strategic.
- Tax StarcoreTax Star, an AI-enabled corporate tax automation software provider, partnered with Wafeq in August 2025 to help small and mid-sized businesses streamline corporate tax compliance in the UAE. The integration enables direct data transfer from Wafeq's accounting platform to Tax Star's corporate tax automation features, eliminating manual exports and reducing errors in tax filing. Both companies aim to help UAE businesses comply with Federal Tax Authority (FTA) requirements by offering a seamless workflow from daily bookkeeping to audit-ready tax submissions.
- FoodicscoreFoodics point-of-sale integration with Wafeq enables restaurant and hospitality businesses to sync sales data directly into their accounting platform. The integration includes basic sales sync as well as advanced integration with purchases and branch support for restaurants using Foodics.
- ZATCA (Zakat, Tax and Customs Authority)coreWafeq is integrated with ZATCA's e-invoicing system (Phase 1 and Phase 2), generating compliant e-invoices in XML and PDF/A-3 formats that meet Saudi Arabia's regulatory requirements. The platform also generates VAT returns in ZATCA format.
- FTA (UAE Federal Tax Authority)coreWafeq generates VAT returns in FTA-compliant format for UAE businesses, enabling direct submission to the Federal Tax Authority.
- Virtuzone (Ascentium)strategicVirtuzone, the UAE's first and largest company formation specialist and Platinum Partner in Wafeq's partner directory, uses Wafeq for its own bookkeeping and recommends it to clients. Now part of Ascentium, a Singapore-based global business services platform supporting over 20,000 active clients across 25 cities.
Scale indicators8 records
Recent moves7 records
Expansion highlights3 records
Wafeq competitors and assessment
Company assessmentDirect peers
- Qoyod: Qoyod is a Saudi Arabia-based cloud accounting and e-invoicing platform targeting Arabic-speaking SMEs with ZATCA compliance and bookkeeping features. It is the closest direct competitor to Wafeq in the KSA market with a near-identical target customer and feature set.
Broad incumbents
- Xero: Xero is a global cloud accounting SaaS platform serving SMEs and accountants with invoicing, bank reconciliation, and reporting. It is increasingly localizing for MENA markets and competes for the same accountant-and-SME customer profile that Wafeq targets.
- QuickBooks: QuickBooks (Intuit) is a global SME accounting and bookkeeping platform with broad feature coverage including invoicing, expense tracking, payroll, and tax compliance. It is the dominant global incumbent in the SME accounting category and a key competitive benchmark for Wafeq's positioning.
- Zoho Books: Zoho Books is part of the broader Zoho SaaS suite offering cloud accounting for SMEs including invoicing, expense management, and multi-currency support. It competes directly with Wafeq in the MENA SME segment through localization and aggressive pricing.
- Sage: Sage is a global accounting and ERP software provider with strong SME and mid-market reach, including payroll and compliance features. It is a broad incumbent whose regional push (including in MENA) makes it a relevant competitive benchmark for Wafeq's enterprise tier motion.
- FreshBooks: FreshBooks is a cloud accounting platform focused on service-based small businesses and freelancers, with invoicing, expense, and time-tracking features. It represents the kind of global SaaS incumbent that competes with Wafeq for SME wallets outside the heavily regulated MENA niches.
- Wave Accounting: Wave is a free / freemium cloud accounting platform owned by H&R Block serving very small businesses with invoicing, receipts, and basic bookkeeping. It is a relevant incumbent for the entry-level Starter tier of Wafeq's SME funnel.
- Oracle NetSuite: Oracle NetSuite is a global cloud ERP suite covering financials, inventory, multi-entity consolidation, and advanced reporting for mid-market and enterprise customers. It is the primary incumbent benchmark for Wafeq's Enterprise tier and AP automation roadmap.
Emerging players
- Tally Solutions: Tally Solutions is a leading accounting and ERP software provider in emerging markets (notably India) targeting SMEs with multilingual, compliance-aware bookkeeping. It is comparable to Wafeq as a regionally dominant accounting platform expanding into adjacent emerging markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks4 records
Key highlights7 records
Customer concentration
Wafeq social profiles
Digital presenceWafeq compliance and trust
Trust signalCompliance3 records
Wafeq financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wafeq leadership team
Management profileNumber of profiles
Profiles2 records
Wafeq funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wafeq M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wafeq
What does Wafeq do?
Wafeq is a cloud-based accounting and e-invoicing SaaS platform serving SMEs and accountants in the Middle East (Saudi Arabia, UAE, Egypt). It delivers invoicing, expense tracking, payroll, inventory management, multi-currency support, and consolidated financial reporting, with automated VAT return generation in ZATCA (Saudi Arabia) and FTA (UAE) formats. The platform includes AI-powered OCR that extracts accounting data from invoices, receipts, and bills, reducing manual entry time by up to 90%, and exposes a bulk e-invoicing API for ERP integration.
Is Wafeq a public or private company?
Wafeq is a private company. It is classified as venture growth investor backed and is currently operating.
When was Wafeq founded?
Wafeq was founded in 2019. It employs 51 to 100 people.
Where is Wafeq based?
Wafeq is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does Wafeq make money?
One revenue line is on record: saaS Subscription (Tiered Plans).
Who are Wafeq's main competitors?
Qoyod is listed as a direct peer. Broad incumbents are Xero, QuickBooks, Zoho Books, Sage, FreshBooks, Wave Accounting and Oracle NetSuite. Tally Solutions is listed as an emerging player.
Does Wafeq have an API?
Yes. Wafeq offers a bulk e-invoicing API for enterprise customers, enabling integration with any ERP system. The API supports ZATCA Phase 2 compliant invoicing in XML and PDF/A-3 formats. Enterprise tier includes dedicated e-invoicing API with any ERP integration capability. Developer documentation is at developer.wafeq.com/docs/quickstart-send-you-first-e-invoice.
What industry is Wafeq in?
Wafeq's product category is Cloud Accounting Software. Its primary akta.pro industry code is BPACAIAH, Expense Management & Reimbursements Administration, with a secondary code of HDAEAEAC, Distribution & Wholesale ERP (Inventory, Order, Warehouse). Its NAICS code is 541211 and its SIC code is 7370.