Dublin-based Circit raises €1.1 mn to boost international expansion

Source: IBS Intelligence 2020-07-20

Dublin-based audit confirmation platform, Circit has secured €1.1 million in a recent funding round 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.

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.”

Circit’s platform aims to enhance the audit process for its users by removing the fraud risk associated with current manual processes. It expects to reduce confirmation and reconciliation times along with the removal of the administrative burden from all parties.

Auditors can connect to the FinTech for obtaining 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. The company aims to use the funds to facilitate its expansion internationally. It was recently granted registration as an Account Information Service Provider by the Central Bank of Ireland and with passporting rights to the rest of Europe.

Circit also announced the appointment of Harry Largey as the Chairman of its Board in a bid to assist the scaling and company expansion. The company has revealed its plans for making further appointments for speeding up the platform launch globally.

Circit

Dublin-based Circit raises €1.1 mn to boost international expansion

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!