London-based Genesis Global, a low-code technology platform that helps financial institutions build new applications, announced on Wednesday that it has raised $200M (approx €176M) in a fresh round of funding.
The round was led by Tiger Global Management with participation from Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures, and Tribeca Early Stage Partners.
John Curtius, Partner at Tiger Global, says, “The rise of low-code development as a centrepiece of every IT stack is undeniable – the market is predicted to reach $21B by 2022 – but what Genesis represents is clearly the next-gen of low code/no code path forward for the highly complex, highly regulated, and extremely valuable financial markets.”
Genesis claims that the funds will be used to expand its platform, developer community, and the company’s “buy-to-build” model. This model increases operational efficiency and empowers global IT teams by providing them with a platform that helps them streamline and accelerate the development of software applications, systems integrations, and customisation of third-party technology solutions.
Genesis CEO, Stephen Murphy, adds, “The Genesis platform is already trusted by leading institutions from Citi, who is also a strategic investor from previous funding rounds, and ING to Alliance Bernstein and B3 to speed innovation and accelerate delivery of purpose-built financial markets applications.”
“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,” Murphy adds.
A low-code/no-code platform for financial markets
Founded in 2012 by James Harrison and Stephen Murphy, Genesis is a global financial markets software company that claims to help leading financial institutions to “buy-to-build” application development in weeks.
The company says, “With composable and customisable components, financial markets organisations can accelerate innovation today while scaling for tomorrow. Whether it’s extending the capabilities of legacy applications or building brand new apps or platforms, Genesis supercharges developers with reusable components, dev tools and a rich, interactive UI.”
In a statement, the company also mentioned that it has tripled the size of its business and overall headcount, and grown its clients who are optimising their business on Genesis’ platform. It has also witnessed an accelerated interest from clients in adopting the buy-to-build model: building their own solutions in-house using Genesis technology, further driving the strategic direction to double down on the Genesis developer community.
Currently, Genesis has global offices in New York (HQ), Miami, London, São Paulo, and Dublin, Ireland.