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Wafeq and OCTA Partner to Boost Financial Efficiency in the Middle East
Riyadh August 27, 2024 – Wafeq and OCTA are excited to announce a strategic partnership that will redefine how businesses in the Middle East manage their financial operations. This partnership is designed with one goal in mind: to help businesses get paid faster and improve their cash flow.
Wafeq, backed by Raed Ventures and Wamda Capital, supports 8,000 businesses across the Middle East relying on its financial management software, and is now integrating OCTA’s advanced accounts receivable platform into its offering. OCTA has already proven its ability to help companies like Careem, Lean technologies, MoneyHash, Gameball and Ogram reduce their Days Sales Outstanding (DSO) by an impressive 35%. This partnership means businesses can now benefit from both Wafeq’s comprehensive financial management tools and OCTA’s powerful receivables management, all in one place.
“This partnership is about solving a real problem that many businesses in the Middle East face—getting paid on time. By integrating OCTA’s intelligent receivables management into Wafeq, we’re giving our customers the tools they need to manage their cash flow effectively,” said Nadim Alameddine, CEO of Wafeq.
Here’s what this partnership means for you:
Integrated solution: Wafeq and OCTA are bringing together their platforms to offer a seamless financial management experience. Now, over 8,000 businesses can manage everything from invoicing to collections in one place.
Intelligent receivables: With OCTA’s technology integrated into Wafeq, businesses can tap into data-driven insights that help optimize collection strategies. The result? A 45% reduction in DSO and faster payments.
Built for the Middle East: Both Wafeq and OCTA understand the unique challenges of doing business in the region. This partnership is designed specifically to address those challenges, providing localized and relevant tools that make a real impact.
Real impact: By automating and streamlining your financial processes, this partnership helps you focus on what really matters: growing your business.
OCTA’s Founder & CEO, Jon Santillan, added “We’re excited to work with the Wafeq team to bring a better solution to businesses across the region. Our goal is simple: help businesses get paid faster and streamline the invoice collection process. This partnership is a big step towards making that happen,”