Irish Fintech Circit Raises $22M for Compliance Tools
Circit, an Irish fintech that provides digital audit confirmation and compliance tools for banks, has raised $22 million. The funding round indicates continued venture capital interest in startups that help financial institutions automate and streamline regulatory and compliance processes.
- The $22 million growth equity round was led by New York-based Ten Coves Capital, a firm specializing in financial software, with continued participation from existing fintech-focused VCs Aquiline and MiddleGame Ventures. A Ten Coves Capital managing partner will join Circit's board. - Founded in 2017 by former auditors, the company's mission is to eliminate slow, manual verification processes so auditors can focus on assessing future risks rather than reconciling historical data. The initial concept was first pitched at a fintech hackathon hosted by Ulster Bank in Dublin. - The new capital is earmarked for U.S. expansion, deepening bank API connectivity, and product development, specifically focusing on AI-powered workflows to create a more automated, AI-driven audit process. - Circit's platform leverages Open Banking regulations and direct API integrations to connect auditors with over 30,000 evidence providers, including banks and law firms. This allows for direct verification of assets and transactions, reducing the risk of fraud from client-provided documents. - The company has demonstrated significant market traction, with its platform used by more than 400 audit firms, including all of the Top 20 global networks. Over the last year, it processed confirmations for 150,000 corporate entities and verified over 100 million transactions. - CEO David Heath has stated the company's ambition is to be for auditing verification what Stripe is for payments, creating a foundational infrastructure layer for the industry. - This funding round follows a May 2022 Series A that raised €6.5 million and was also led by Aquiline Technology Growth and MiddleGame Ventures. Prior to the latest $22M, the company had raised a total of approximately $9.29M.
