Circit, audit confirmation platform, has collected €1.1m in its funding round, as the RegTech gears up for “significant expansion.”
Commodore Investments served as the lead investor for the round with additional capital coming from Enterprise Ireland. A selection of angel investors also contributed to the round including former Ulster Bank CEO Jim Brown and former AIB general manager John Power.
Dublin-based Circit was built to improve the audit process, reduce fraud risk and lower costs. Auditors can use Circit to obtain independent verification of balanced and transactions, as well as perform a complete search of a company’s banking arrangements or potential liabilities.
Its services are used by more than 200 audit firms, including Deloitte and PwC. The platform helps to meet auditing standards, lower fraud risks, verify users and ensure data security.
Circit CEO 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 company was recently granted registration as an account information service providers (AISP) by the Bank of Ireland, and with passporting rights for the rest of Europe.
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