diff --git a/arrayfire.cabal b/arrayfire.cabal
index 6e2aaa8..e3b0819 100644
--- a/arrayfire.cabal
+++ b/arrayfire.cabal
@@ -1,5 +1,5 @@
 name:                arrayfire
-version:             0.4.0.0
+version:             0.5.0.0
 synopsis:            Haskell bindings to the ArrayFire general-purpose GPU library
 homepage:            https://github.com/arrayfire/arrayfire-haskell
 license:             BSD3
diff --git a/pkg.nix b/pkg.nix
index 6aa8307..2d80e80 100644
--- a/pkg.nix
+++ b/pkg.nix
@@ -3,7 +3,7 @@
 }:
 mkDerivation {
   pname = "arrayfire";
-  version = "0.4.0.0";
+  version = "0.5.0.0";
   src = ./.;
   isLibrary = true;
   isExecutable = true;