Circit, a leading audit confirmation and financial data verification platform, has raised $22 million in growth equity financing to accelerate its mission of modernizing audit infrastructure and embedding trusted data at the center of financial reporting. The funding round was led by Ten Coves Capital, with continued support from existing investors Aquiline and MiddleGame Ventures. This investment reflects growing demand for advanced, AI-enabled audit solutions as organizations seek faster, more reliable ways to verify financial data and strengthen trust in financial reporting.
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The funding comes after a year of significant growth for Circit, with its platform now used by more than 400 audit firms, including all of the top 20 global audit networks. Circit has also built an extensive verification network that connects over 30,000 banks, financial institutions, and service providers. Over the past year alone, the platform facilitated verification processes for 150,000 corporate entities and independently validated more than 100 million transactions. This rapid adoption highlights the increasing importance of automated, secure, and independent verification systems in preventing fraud and improving audit quality.
Circit’s platform allows auditors to move away from traditional manual workflows that rely heavily on client-provided data. Instead, auditors can access independently verified information directly through secure API connections with financial institutions and other trusted sources. This approach improves efficiency, reduces the risk of errors, and enhances transparency throughout the audit process. By integrating AI-driven workflows, the platform streamlines collaboration between auditors, clients, and financial institutions, ensuring critical audit evidence is delivered quickly and securely.
The company is positioning itself as a key infrastructure provider for the future of auditing, where digital verification and real-time data access will play a central role. As the audit industry shifts toward continuous monitoring and AI-powered analytics, Circit’s network-driven model enables auditors to verify assets and liabilities with greater accuracy and confidence. This helps organizations detect potential risks earlier and strengthens overall financial governance.
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Circit plans to use the new funding to expand its product capabilities, deepen integrations with banking systems, and grow its global team, particularly in the United States. The company is also investing in AI-powered workflows that will further automate audit confirmations and enhance collaboration across its verification network. CEO and co-founder David Heath emphasized that modernizing audit confirmations is essential for improving trust and efficiency in financial reporting, especially as financial systems become more complex and digitally connected.
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With strong investor backing and growing adoption among major audit firms, Circit is positioning itself as a critical player in the future of financial verification. By providing independent, real-time audit evidence and leveraging AI-driven technology, the company is helping transform the audit process into a more transparent, efficient, and secure system that supports the integrity of global financial markets.
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