MIAMI–(BUSINESS WIRE)–Genesis Global, the low-code application development platform purpose-built for financial markets organizations, today announced $20 million in new investments from Bank of America, BNY Mellon and Citi. These strategic investments follow the company’s $200 million Series C funding announced in February.
“This strategic support from Bank of America, BNY Mellon and Citi demonstrates their confidence in low-code as the accelerator for the next wave of computing innovation,” said Stephen Murphy, CEO of Genesis. “We are delighted to work with these partners on several innovative projects.”
“Our customers and our environment are demanding more innovation and productivity in terms of IT production,” said David Trepanier, head of structured products, global credit and special situations at Bank of America. “The low-code solution provided by Genesis accelerates the development process and allows us to develop and launch new protocols and trading processes more quickly.”
“Our investment and collaboration with Genesis allows us to build applications and solutions faster to meet the growing demands of our customers,” said Avi Shua, CIO, Head of Investment Management, Wealth Management and Pershing Technology at BNY Mellon. “The ability to develop, customize and integrate applications quickly is critical and provides our developers with a set of tools to build robust and flexible platforms that can scale. We couldn’t be more excited for this opportunity to work alongside Genesis to expand the development of low-code technology.
“The Genesis platform is designed for financial markets,” said Nikhil Joshi, North America Markets Technology Manager at Citi. “The platform eliminates the repetitive, undifferentiated work at the heart of many financial industry applications, allowing developers to focus on innovative work and making technology departments more productive and strategic.” Citi first invested in Genesis in late 2020.
Accelerating the application development process helps capital markets firms accelerate the pace of technology innovation while operating and upgrading complex legacy systems. Digital transformation is a priority across all financial services as businesses seek to differentiate, innovate, reduce the cost and complexity of legacy systems, and respond more quickly to changing regulations.
Financial services companies use Genesis across the software value chain to automate spreadsheet processes, enhance legacy systems, replace legacy technology, and create new robust applications for the first time.
In 2021, Genesis tripled its revenue and team size. Growth continues in 2022, driven by growing customer interest in adopting the buy-to-build model Genesis for IT transformation. With buy-to-build, institutions are accelerating the pace of IT transformation because building new applications and enhancing or replacing existing systems is dramatically easier and faster with the Genesis platform.
About Genesis Global
Genesis provides freedom from legacy and replaces the buy-vs-build challenge with a buy-to-build solution. Purpose-built for financial markets organizations, the low-code Genesis platform powers application development with the speed, performance, and flexibility these organizations need to gain sustainable competitive advantage. With highly composable and customizable components, development teams can accelerate innovation today while scaling for tomorrow.
Whether extending the capabilities of legacy applications or building new applications or platforms, Genesis supercharges developers with reusable components, development tools, and documentation. Built with modern technologies and an event-driven architecture, the platform can meet the performance and scalability needs of the world’s leading financial market institutions.
Genesis has international offices in Miami, New York, Charlotte, London, Leeds, São Paulo and Dublin.