Circit, an audit confirmations and open banking platform, has completed a €6.5m Series A funding round.
The investment was co-led by FinTech specialist investors Aquiline Technology Growth and MiddleGame Ventures.
Founded in 2017, Circit helps auditors to verify company assets and liabilities in real-time and at source. The company claims its platform is the first of its kind to be directly regulated for open banking under the PSD2 regulation.
Circit standardised electronic audit confirmations in many of the largest accounting firms and has created a network of validated banks, lawyers, large corporates and SMEs who joined the platform to communicate with auditors during their complete search of a firm’s banking arrangements and possible legal liabilities held on its balance sheet.
According to Circit, it will use the funds to continue expanding its offering to users on all sides of the platform and to invest in accelerating the inherent network effects that have been created by global organisations joining as customers.
Circit CEO David Heath said, “We’ve developed ground-breaking technology in an industry that is going through its biggest reform in decades. Rather than wait for regulators to prescribe the change, we proactively re-imagined and designed a platform that gives auditors a new way of obtaining independent audit evidence that both reduces risk and cuts verification time from weeks to minutes.
“The platform frees up auditors from manual and time-consuming processes, providing automation for third-party confirmations, as well as verified insights on bank and digital asset transactions. Our aim is to help auditors become highly skilled in addressing the future risks facing businesses and the economy.”
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