Citi invests in markets software firm Genesis Global Technology
Citi has concluded a strategic investment in low-code financial markets software firm Genesis Global Technology.
Genesis is a London-based firm based around developing software to help banks build trading applications.
The start-up’s flagship offering is its low-code platform, which offers tools for banks to build new software without extensive coding.
Genesis claims that its technology is capable of increasing application development speeds by 80%. It says its platform is the only one of its kind tailored specifically to financial markets.
“Our low-code application platform is essentially democratising product design,” says CEO Stephen Murphy.
“Clients can create custom built products and solutions without having to write substantial lines of code and solutions can be developed on average 80% faster than building from scratch.”
Founded in 2012, Genesis has raised $4.8 million in funding across three rounds. Its last was a $1.8 million convertible note in December 2019.
“The low-code application development paradigm has increasingly gained momentum in the financial industry,” says Nikhil Joshi, Citi’s global head of spread products technology.
“Genesis complements our mainstream application development methodologies and integrates with them quite well.”
Citi is backing Genesis through its Markets FinTech Investments and Sprint groups. Neither company has disclosed the value of the investment.
Joshi tells Reuters the bank had already tested the Genesis platform by building a proof-of-concept for credit trading.