Low-code platform for financial markets Genesis raises $200m
Genesis, an application development platform for financial markets organisations, has announced a new round of $200 million in financing, led by Tiger Global Management.
Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures, and Tribeca Early Stage Partners also participated.
Genesis says the funding will be used to expand its platform, developer community, and “buy-to-build” model.
The company was founded in 2015. It has offices in New York (HQ), Miami, São Paulo, London, and Dublin.
Its users and strategic backers include Citi, ING, Alliance Bernstein, B3, and London Clearinghouse.
Genesis claims to be “the first and only low-code/no-code platform built for financial markets”.
“We have worked hard to become central to IT delivery across financial markets, and we are increasing our focus on and commitment to our growing developer community,” says CEO Stephen Murphy. “In the coming months, and with this new funding, we expect to onboard thousands of new developers.”
The company says its platform “seamlessly and swiftly integrates with a firm’s technology ecosystem, offsetting the need to invest resources into new systems”.
It says it has seen “significant momentum” over the last year, tripling the size of the business and overall headcount.
“The rise of low-code development as a centrepiece of every IT stack is undeniable – the market is predicted to reach $21 billion by 2022 – but what Genesis represents is clearly the next-generation of low-code/no-code path forward for the highly complex, highly regulated, and extremely valuable financial markets,” comments John Curtius, partner at Tiger Global.