Circit raises €1.1m ahead of international expansion
Audit confirmation platform Circit has raised €1.1 million in investment capital as it prepares to expand internationally.
Circit was founded in Dublin in 2017 to introduce technology into the audit process to enhance efficiency, reduce the potential for fraud, and minimise cost for all stakeholders in the audit process.
Auditors connect to Circit to obtain independent verification of balances and transactions, as well as to perform a complete search of a company’s banking arrangements, or potential liabilities held with their solicitor.
Used by over two hundred audit firms, Circit said its platform transforms the audit process for its users, removing the fraud risk associated with current manual processes. It added that the platform can reduce confirmation and reconciliation times from weeks to seconds.
The company was recently granted registration as an Account Information Service Provider (AISP) by the Central Bank of Ireland and with passporting rights to the rest of Europe. This regulation has paved the way for Circit to accelerate its growth internationally.
Circit has appointed software veteran Harry Largey as chairman of the board to assist with scaling and international expansion. It will be making further appointments to help accelerate the roll out of the platform across the globe.
The funding round was led by Commodore Investments with participation from Enterprise Ireland. It also saw participation from finance investors, Jim Brown, former CEO of Ulster Bank and John Power, former general manager at AIB; as well as Peter Gray, ex-KPMG and CEO of ICON Plc.
David Heath, CEO of Circit, said: “The recent Wirecard fraud has highlighted how balance confirmations are critical in preventing large scale corporate failures. Circit’s platform is built for this very purpose, to help auditors obtain the evidence they need from an independent and validated source.”