Circit, the innovative audit confirmation platform, has raised investment capital of €1.1 million, as it prepares the Company for significant expansion.
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 perform a complete search of a company’s banking arrangements, or potential liabilities held with their solicitor.
Commenting on the funding round 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.”
Already used by over two hundred audit firms, including Deloitte and PwC, Circit’s secure, easy-to-use platform transforms the audit process for its users, removing the fraud risk associated with current manual processes. Circit’s platform can reduce confirmation and reconciliation times from weeks to seconds. Used by auditors, solicitors and banks, the platform removes the administrative burden from all parties and enables a seamless, hassle free confirmation.
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, the regulation paves the way for Circit to accelerate its growth internationally.
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.
The Company has appointed software veteran Harry Largey as Chairman of the Board to assist with scaling and international expansion and will be making further appointments to help accelerate the roll out of the platform across the globe.