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Low-code startup Genesis Global raises $45M to expand globally
Low-code startup Genesis Global Technology Ltd. has raised $45 million in new funding to expand into international markets such as Asia-Pacific and build out its low-code and no-code tooling.
The Series B round was led by Accel and included GV, Salesforce Ventures, Citi, Illuminate Financial and Tribeca Early Stage Partners.
Founded in 2012, Genesis pitches itself as the only software company delivering a native low-code application platform for financial markets. A low-code development platform provides a development environment to create application software through graphic user interfaces and configuration instead of hand-coded programming.
Genesis claims that it helps firms build new software more than five times faster than if they had started from scratch with less code and at a lower cost. Described as being a resilient, secure and scalable platform, the service also addresses regulatory and competitive requirements such as real-time reporting and low latency.
Increasing demand from Genesis’ platform has also been driven by the COVID-19 pandemic and the need for financial institutions to adjust to the shift to remote working. The company’s platform assists financial institutions facing increasing competitive pressure to develop new value-added services and automate highly regulated workflows on legacy systems with minimum disruption to core activities.
“Over the past few years, we’ve seen the low-code revolution sweep multiple industries but in financial markets, legacy vendors and generalist low-code providers still dominate,” Genesis Chief Executive Officer Stephen Murphy said in a statement. “Many firms are missing out on the benefits of low-code programming – agility, value and flexibility – at a time in which they’ve never needed it more.”
Genesis, which is based in the U.K. with offices in the U.S. and Brazil, claims notable customers such as B3 S.A., Citigroup Inc., ING Groep NV, London Clearing House and XP Investments US LLC.
Including the new round, Genesis has raised an estimated $49.8 million in venture capital funding, based on data from Crunchbase.
Image: Genesis
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