Genesis Global, a low-code application development platform for financial organizations, is attracting attention – and funding – from large banks that aim to simplify their technology departments.
The Miami company received $20 million in new investments from Bank of America, BNY Mellon and Citi to fuel its growth. The capital injection comes just five months after Genesis Global secured $200 million in a series C round led by New York venture capital firm Tiger Global Management.
In a statement, Genesis CEO Stephen Murphy said the new investment "demonstrates confidence in low-code as an accelerator for the next wave of IT innovation."
In addition to its Miami headquarters, Genesis has offices in New York; Charlotte, North Carolina; the United Kingdom; Ireland; and Sao Paulo. It has 275 employees globally after its team tripled in 2021.
The company's $200 million funding in February was the fifth-largest series C raise among financial tech firms globally in the first quarter of 2022, according to CB Insights.
Financial companies use Genesis' "buy to build" technology to automate spreadsheet processes, improve existing systems and build new applications for the web. The platform, designed for professional coders, is a low-code solution that offers reusable components to speed up the development process while also complying with financial services regulations.
“The platform eliminates repetitive, non-differentiating work core to many financial industry applications, freeing developers to focus on innovative work and making technology departments more productive," said Nikhil Joshi, North America head of markets technology at Citi.
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