Audit Tech Firm Circit Raises $22M
Circit, a SaaS platform for audit confirmation and financial data verification, has raised $22 million in a growth equity round. The funding is intended to expand its verification network and support global growth. The investment highlights continued venture capital interest in vertical SaaS platforms that address compliance and verification in regulated industries.
- The growth equity round was led by Ten Coves Capital, a New York-based firm specializing in financial software, with continued participation from existing investors Aquiline and MiddleGame Ventures. - As part of the investment, Steven Piaker, a Managing Partner at Ten Coves Capital, will join Circit's Board of Directors. - Founded in Dublin in 2017, Circit is regulated by the Central Bank of Ireland as an Account Information Service Provider (AISP) and also holds regulatory status in the UK, the EU, and Australia. - The company plans to use the capital to accelerate its U.S. expansion, deepen bank API connectivity, and invest in product development, including AI-powered workflows, with an intention to double its staff over the next two years. - Circit's platform is currently used by over 400 audit firms, which includes all of the Top 20 global audit networks. - The company's verification network spans more than 30,000 evidence providers, such as banks and fund service providers, and in the last year, it verified over 100 million transactions for 150,000 corporate entities. - The core problem Circit addresses is replacing manual, fraud-prone audit confirmation processes with direct, independently verified evidence from the source, a need highlighted by repeated high-profile audit failures. - Prior to this round, Circit had raised approximately $9.29 million over five funding rounds since its first round in 2016.
