Dublin based Fintech Circit raises €1.1 million in new financing for innovative audit confirmation platform
➢ Proceeds to be used to make 20 new hires and accelerate the roll-out of its service to auditors
➢ Commodore Investments, headed by Patrick Joy, led the fundraising round with participation from John Power, Jim Brown, Peter Gray, along with Enterprise Ireland and the European Angel Fund
➢ Appointment of new Chairman and experienced advisory board to accelerate expansion plans
➢ Circit’s audit confirmation platform automates one of the most critical parts of a financial audit, reducing the process from 30 days to 30 seconds
Dublin, 16 July 2020 | 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.