Open banking start-up in Ireland In order to support its goals for international expansion, Circit intends to double its workforce by 2023.
To hire 50 new employees over the course of the following year, the business has teamed up with the tech recruiter Martinsen Mayer. Additionally, plans to increase Circit’s product line include the recruitment drive.
Circit stated that although there will be new positions in other departments like sales and customer success, the majority of the new jobs will be in software engineering and development. The company’s website currently lists remote and hybrid job opportunities.
The business received €6.5 million in Series A funding in May to build its financial auditing management platform. The start-up is currently in a “fortunate position,” according to Circit CEO David Heath.
“Whereas many tech companies are having to scale back their teams during these tough times, our products are in demand from customers seeking greater efficiencies,” Heath said. “Regulation and compliance also tend to get even more robust during economic downturns, so our business model is highly resilient.”
Since its founding in 2017, Circit has served more than 200 audit firms, including Deloitte and PwC. With clients in all of Europe, the US, Australia, and the greater APAC region, the company with its headquarters in Dublin also has operations in the UK and Spain.
The number of Circit’s employees increased during the pandemic, going from seven to 35. It obtained €1.1 million in a funding round in July 2020 to hasten its international expansion and add 20 new jobs.
The UK-based tech company Audapio, which creates data analytics tools for financial auditing and fraud monitoring, was acquired by Circit last year. In order to integrate its technology with the bank’s audit confirmation response operations, it signed a contract with Danske Bank UK in February.
Heath said the global financial system looks is expected to have its “biggest shift in history” in the next 10 years, where every business will have “in-built financial tech”.
“Circit is at the forefront of this technology,” Heath said. “The work our teams do today will shape how companies manage their regulatory compliance for years to come.
“New team members will join our fast-paced, agile, forward-facing business as it scales upwards and outwards.”