The fintech company will use its fresh funding to accelerate international expansion and create 20 new jobs.
Dublin-based fintech company Circit today (16 July) announced that it has raised €1.1m in its latest funding round.
Founded in 2017, the start-up has developed an audit confirmation platform that automates “critical parts” of financial audits and provides real-time visibility of audit confirmations to reduce the potential for fraudulent activity.
The funding round was led by Commodore Investments, with contributions from Enterprise Ireland and the European Angel Fund, as well as former Ulster Bank CEO Jim Brown, former AIB general manager John Power, and former Icon Plc CEO Peter Gray.
Circit said that it will use the funds to accelerate its international expansion and create 20 new jobs at the company. The start-up has also appointed Harry Largey as chairperson of the board to help drive scaling and global growth. Largey has a background in the software industry and has been CEO of scaling-services provider CloudMover for almost 10 years.
Banks, solicitors and audit firms are the main sectors engaging with Circit. The company said that more than 200 audit businesses use the platform, with Deloitte and PwC among its clients. It was recently granted Account Information Service Provider status by the Central Bank of Ireland, giving it permission to access information stored with account-keeping financial institutions on behalf of customers.
The Circit platform allows auditors to get independent verification of balances and transactions. Users can also carry out a complete search of a company’s banking arrangements as well as any potential liabilities held with appointed solicitors.
The company’s CEO, David Heath, was previously an auditor with Grant Thornton and a director with E-Commerce Accounting. Speaking about the funding announcement, he 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.”