Background
Founded in 2015 and headquartered in Dublin, Ireland, Circit is a financial audit management platform that enhances the efficiency and transparency of audit processes. The company's mission is to provide auditors with real-time visibility of audit confirmations and direct connections to banks, solicitors, and fintech services, thereby streamlining the verification of financial statement assets and liabilities. Circit has established a network of validated professional and financial services firms, all benefiting from its highly secure software platform. The founders collectively possess over 50 years of experience in financial auditing, banking operations, and software engineering. Recognized as an Enterprise Ireland High-Potential Startup (HPSU), Circit has received government funding alongside investments from professional investors.
Key Strategic Focus
Circit's strategic focus centers on automating and verifying financial statement assets through its confirmation platform. The platform integrates with banks, law firms, and fund providers to streamline audit confirmations, accounts receivable and payable balances, transaction-level third-party verification, client collaboration, and e-signatures. By reducing manual work and facilitating seamless collaboration with clients, Circit enables auditors to connect directly to trusted sources for independent audit evidence.
Financials and Funding
As of March 2025, Circit's annual revenue is estimated to be $15 million. The company has raised a total of $6.8 million in funding over three rounds, with the latest being a Series A round on May 18, 2022, amounting to $6.8 million. This funding is intended to support product expansion, accelerate network effects, and facilitate global expansion efforts.
Technological Platform and Innovation
Circit's platform offers a fully integrated suite covering a range of products to facilitate audit, tax, and fund use cases. The platform provides confirmations, client collaboration, and transaction-level third-party evidence. With a focus on security, Circit offers a directly regulated platform to connect all stakeholders seamlessly.
Leadership Team
- David Heath: Co-Founder & Chief Executive Officer
- David O'Connor: Co-Founder, Chief Operating Officer & Director
- Sean Kenny: Co-Founder & Chief Technology Officer
- John Behan: Chief Financial Officer
- Clodagh Vance: Co-Chief Operating Officer
The leadership team brings extensive experience in financial auditing, banking operations, and software engineering, driving Circit's mission to innovate and streamline audit processes.
Competitor Profile
Market Insights and Dynamics: The audit management software market is experiencing significant growth, driven by increasing regulatory requirements and the need for efficient audit processes. Circit operates within this dynamic landscape, offering solutions that address these evolving demands.
Competitor Analysis: Key competitors include AuditBoard, Vanta, Workiva, FloQast, and Sprinto. These companies offer various audit management solutions, each with unique features and market focuses. Circit's emphasis on real-time audit confirmations and direct integrations with financial institutions distinguishes it within this competitive landscape.
Strategic Collaborations and Partnerships
Circit has formed strategic partnerships with key industry players such as 10x Banking and Aareal Bank Group. These collaborations aim to enhance Circit's platform capabilities and expand its market reach. Additionally, the acquisition of UK-based Audapio in December 2021 has bolstered Circit's data analytics tools for financial auditing and fraud monitoring.
Operational Insights
Circit's strategic considerations involve leveraging its technological platform to maintain a competitive position in the audit management software market. The company's focus on real-time audit confirmations, direct integrations with financial institutions, and a secure, regulated platform provides distinct competitive advantages. By continuously innovating and expanding its product offerings, Circit aims to address the evolving needs of auditors and financial institutions.
Strategic Opportunities and Future Directions
Circit's strategic roadmap includes expanding its operations in the United Kingdom and Ireland, with plans to increase its headcount from 35 to 70 within a year. The company also intends to continue growing its product offerings and invest in accelerating the network effects created by having international companies join as clients.
Contact Information
- Website: www.circit.io
- Headquarters: Dublin, Ireland
For more information, visit Circit's official website.
