Low-code application development platform Genesis Global has received $20 million in new investments from Bank of America, BNY Mellon and Citi.
The strategic investment follows a successful $200 million Series C funding round achieved by Genesis in February.
Genesis has been utilised by financial markets companies to accelerate the application development process, allowing for an increase in the pace of technology innovation alongside operating and upgrading complex legacy systems.
“Our clients and environment demand more innovation and productivity in terms of IT output,” 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 allow us to more quickly build out and launch new trading protocols and processes.”
Financial services firms have made digital transformation a priority as they seek to differentiate themselves, reduce the cost and complexity of existing systems, innovate and to adapt better to changing regulation.
Genesis is being used by firms across the software value chain to automate spreadsheet processes, enhance existing systems, replace legacy technology and to develop new, more robust, first-time applications.
“Our investment in and collaboration with Genesis allows us to create applications and solutions faster to meet the increasing demands of our clients,” said Avi Shua, CIO, head of investment management, wealth management and pershing technology at BNY Mellon.
“The ability to develop, customise and integrate applications with speed is critical, and provides our developers a toolset to make robust and flexible platforms that can scale.”
Genesis has experienced significant growth over the past year, tripling its revenue and the size of its team in 2021. With increased interest from clients in adopting Genesis’ buy-to-build model for IT transformation, the firm’s growth is expected to continue this year.
“The Genesis platform is built for financial markets,” said Nikhil Joshi, North America head of markets technology at Citi.
“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 and more strategic.”