Audit Automation Firm Raises €1.1m

16 Jul 2020 | 01.01 pm

Audit Automation Firm Raises €1.1m

Circit’s platform cuts audit confirmation to 30 seconds

16 Jul 2020 | 01.01 pm

Circit, a Dublin-based fintech company that has created a platform to automate financial audits, has raised €1.1m in a funding round.

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, according to the company, and is already in use by audit firms including Deloitte and PwC.

Chief executive David Heath 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.”

The funding round was led by Commodore Investments and included Enterprise Ireland together with investors Jim Brown, former chief executive of Ulster Bank, John Power, former general manager at AIB, and Peter Gray, chief executive of ICON plc.

The proceeds will be used to add 20 jobs at Circit’s head office and to accelerate international expansion.

Circit’s platform was recently granted Account Information Service Provider (“AISP”) by the Central Bank of Ireland, which gives it passporting rights in Europe thereby facilitating expansion. 

Circit 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.

Photo: David Heath (left) and Harry Largey (right) with Circit colleagues Elaine McCaffrey (left) and Clodagh Vance

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