Genesis Global Technology Ltd., a startup with a low-code application development platform for financial services firms, today said it has closed a $200 million funding round led by Tiger Global.

The Series C round also included the participation of several other prominent backers. Alphabet Inc.’s GV startup fund, Salesforce Ventures, Accel, Illuminate Financial, Insight Partners and Tribeca Early Stage Partners joined Tiger Global in the investment.

London-based Genesis provides a platform to help financial services firms build software faster. The platform includes more than 50 software building blocks that can be assembled into an application with relative ease. Thanks to Genesis’ building blocks, a company doesn’t have to create all the components of a new application from scratch, which the startup says reduces development times by up to 80%.

Most of the tasks performed by an enterprise application involve processing various types of data, such as sales records. As a result, an application needs a way to import the datasets that it’s responsible for processing from the systems where they’re stored. That’s one of the tasks Genesis promises to simplify for financial firms. 

Among the software building blocks provided by Genesis are integrations that simplify the task of importing information from a financial firm’s internal systems into a new application. Once a dataset is available for processing, developers can use Genesis’ platform to create software features that perform various tasks using the data. 

Genesis also helps with user interface development. The startup has equipped its platform with a set of pre-packaged interface components, as well as guides for users who don’t have extensive application development expertise. Genesis says the components don’t require any coding know-how to use. 

Genesis also simplifies software projects in other ways. The startup’s platform includes testing tools that companies can use to evaluate the reliability of a newly created application after development is complete. Once a program is running in production, Genesis automates some of the tasks involved in managing the underlying infrastructure on which the program runs. 

Genesis says that its platform combines the concepts of no-code and low-code application development. Part of the platform’s feature set is made up of no-code capabilities, which enable business users without any programming expertise to create software. There are also low-code features, which do require software engineering know-how but enable developers to perform certain tasks faster than it would take to build everything from scratch.

Genesis’ platform is used by major financial firms such as Citigroup Inc., AllianceBernstein Holding LP and ING Group. The startup said today that its revenue has tripled over the past year thanks to strong customer demand but didn’t share absolute numbers. 

Tiger Global Partner John Curtius said in a statement that “the rise of low-code development as a centerpiece of every information technology stack is undeniable – the market is predicted to reach $21 billion by 2022 – but what Genesis represents is clearly the next-generation of low-code/no-code path forward for the highly complex, highly regulated and extremely valuable financial markets.”

The newly announced $200 million funding round will enable Genesis to expand the capabilities of its platform. The startup said that a part of the investment will also go toward supporting the developer ecosystem that has formed around the platform.

“In the coming months, and with this new funding, we expect to onboard thousands of new developers and support them in their buy-to-build journey while continuing to expand our global network of institutional partners,” said Genesis Chief Executive Officer Stephen Murphy.

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