Dublin based Circit raises €1.1m

Circit, the innovative audit confirmation platform, has raised investment capital of €1.1 million, as it prepares for significant expansion. Used by auditors, solicitors and banks, the platform removes the administrative burden from all parties and enables a seamless, hassle free confirmation. Auditors connect to the company 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.” The startup is currently 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.