Circit Secures $22 Million Growth Equity Funding to Build the Independent Verification Layer Powering the Future of Audit

New funding led by Ten Coves Capital to fuel continued growth and U.S. expansion

Circit, the audit confirmation and financial data verification platform, announced a $22 million growth equity financing to scale its global verification network and embed trusted data at the core of every audit.

The round was led by Ten Coves Capital, a New York–based growth equity firm specializing in financial software, with strong participation from existing investors Aquiline and MiddleGame Ventures. Together, the investor group brings deep experience supporting enterprise technology companies that transform mission-critical infrastructure across audit, tax, and regulated financial services industries.

The funding follows a breakout year for Circit, with adoption across more than 400 audit firms – including all of the Top 20 global audit networks – and a verification network spanning over 30,000 banks, funds service providers, and other evidence providers. Over the past year, the Circit platform facilitated the confirmation of assets and liabilities for 150,000 corporate entities and, on average, independently verified over 100 million transactions.

This growth comes as demand from audit committees at the largest corporates is accelerating, with an expectation that auditors will increasingly leverage AI-enabled technology to deliver enhanced quality and better economics via real-time, verified audit data.

Building the Verification Layer for Modern Audit

Circit provides auditors with independent, source-verified audit evidence by connecting audit firms, financial institutions, law firms, and corporates through a secure, API-driven network.

The Circit platform allows auditors to replace manual, client-provided workflows with direct data connections that improve audit quality, speed, and trust and reduce the risk of large-scale financial fraud. The platform enables:

• Digital audit confirmations across bank and non-bank-held assets and liabilities
• Direct, permissioned access to bank-verified transaction data
• A single AI-driven end-to-end auditor to client collaboration, and data ingestion workflow that delivers critical evidence directly into the audit file

As the audit industry transitions from manual processes toward digital, continuous, and agentic workflows, Circit is emerging as the trusted verification layer underpinning the next-generation of AI-powered audit evidence, analytics and transaction insights.

The new capital will be used to invest in product innovation, including AI-powered workflows across all stakeholders in Circit’s audit confirmations network; deepen bank API connectivity; and scale go-to-market and customer success teams with a focus on the US and plans to double the Circit team over the next two years.

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David Heath, Co-Founder and CEO of Circit, said, “We’re pleased to welcome Ten Coves and to partner with investors who understand the long-term importance of modernizing audit infrastructure. Audit confirmations are fundamental to trust in financial reporting, yet the process has remained manual, costly, and fraught with fraud risk for both auditors and corporates. Circit was built to change that—by giving auditors direct, independent access to confirm all asset and liability types on corporate balance sheets.

As financial infrastructure evolves through open banking, API access, and digital asset frameworks such as the GENIUS Act, Circit is building the verified data infrastructure to power AI-driven audit testing and workflows.”

“Circit is delivering critical infrastructure for the audit profession at a time of profound industry change,” said Steven Piaker, Managing Partner at Ten Coves Capital who will join the Circit Board. “Circit’s network-driven model, deep auditor adoption, and API-first architecture position it to become the trusted verification layer powering modern audit and compliance workflows globally.”

Giovanni Nani, Head of European Venture at Aquiline, added, “Repeated, high-profile audit failures have underscored the systemic risk of relying on unverified, client-provided data. Circit addresses this challenge head-on by enabling independent, real-time verification at scale across the audit ecosystem. At Aquiline, we focus on building businesses that matter by backing teams solving fundamental industry problems and supporting them as they scale globally. Circit is building critical verification infrastructure for the future of audit, and we’re excited to continue supporting the team as they expand the platform’s reach and impact across the industry.”

Patrick Pinschmidt, Co-Managing Partner of MiddleGame Ventures, noted that “Circit is operating at the intersection of powerful financial services trends — the digitization and automation of data augmented by differentiated AI tools that facilitate a global network to transact and manage risk in a faster and more secure manner.”