An international software platform for financial-services companies is setting its sights on growth in Charlotte.
Genesis Global, founded in 2015, uses a low-code approach to enable and accelerate what developers can do, tackling operational issues and addressing a lack of technology capacity. Low code means there is little or no coding to do when using the software for applications. Financial-services firms could use the Genesis platform to integrate better tech into core legacy systems or build a new application altogether, for example.
Miami-based Genesis recently opened an office at The RailYard in South End, said Thomas Hockswender, vice president of engineering for the Americas and head of the Charlotte operation. It has 13 local employees. The plan is to double the local employee base by the end of the year.
"This region of the country, in particular Charlotte, is definitely full of like-minded individuals," Hockswender said. "Charlotte is really our focus for the next six, nine, 12 months because we knew that it's a great place to be and that the talent is here and that the clients who need us are here, too."
Hockswender has a strong background in financial services, holding positions at the former Bear Stearns, UBS, Deutsche Bank and Wells Fargo Securities.
Genesis has connections to big-name clients, including Citi (NYSE: C) and Bank of America Corp. (NYSE: BAC). It's not just the big banks, however. Hockswender said the firm wants to provide value to the financial-services sector as a whole. It also works with companies in wealth management, such as XP Investments.
"All of a sudden a new idea comes along and you get budget for it, and then 28 months later, it's not done," Hockswender said. "The idea is to enable our customers to be able to innovate and be quick about it."
Company leaders, including CEO Stephen Murphy, are intent on scaling up companywide.
Genesis recently announced a $200 million Series C capital round led by Tiger Global Management. Other investors included Accel, Google Ventures, Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners. This latest round follows a $3 million Series A round in 2018 and a $45 million Series B round in 2021. The company plans to use the new capital to expand its platform and add developers.
Charlotte will play a key role in that expansion. It will become Genesis' first U.S.-based footprint of platform developers and supporting roles, Hockswender said. Most of those operations have been based in the U.K. Dublin, Ireland, is another important city in which Genesis is investing.
In May, Genesis was also named as a participant in BNY Mellon's accelerator program, providing access to the institution's leadership, its larger ecosystem and venture capitalists.
