Three large U.S. banks have pitched in funding to Genesis Global, a company with a low-code platform that financial markets organizations use to develop applications.
Bank of America, BNY Mellon and Citi invested $20 million in the company, Genesis announced Wednesday. The strategic investment followed a $200 million Series C fundraise that took place in February, which did not include bank participation. Citi made an earlier investment in October 2020, the amount of which was not disclosed.
“This strategic support from Bank of America, BNY Mellon and Citi demonstrates their confidence in low-code as an accelerator for the next wave of IT innovation,” Stephen Murphy, CEO of Genesis, said in a press release.
In the release, leaders from the three institutions, all of which are Genesis customers, highlighted the value of so-called low-code in quickly launching new applications and helping their technology teams become more efficient. Low-code software comes with some pre-built code and can be used by people without much coding experience.
“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 allows us to more quickly build out and launch new trading protocols and processes.”
Nikhil Joshi, North America head of markets technology at Citi, echoed the thought.
In this talk, Stephen Murphy, CEO of Genesis, will be joined by Katya Chupryna, Vice President, Citigroup to discuss how this technology is changing the technological landscape of finance, highlighting the unique needs of the financial market and outlining both the benefits and potential pitfalls when deploying low code in high stakes environments.
“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,” he said.
Joshi saw the value of low-code back when Citi made its investment in 2020. “The low-code application development paradigm has increasingly gained momentum in the financial industry and has the potential to change the way the industry develops applications in the future,” he said in a release at the time.
In 2021, Genesis tripled its revenue and the size of its team. Beyond the three banks mentioned, its customers include ING, HSBC and BMO.
