Genesis Global Technology Limited, a low-code technology platform that helps financial institutions build new applications, has announced today that it raised $200 million in a Series C funding round led by Tiger Global Management. Other backers, including Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures, Tribeca Early Stage Partners, as well as Genesis’ clients, Citi and ING, participated in the funding round.
Genesis said that it plans to use the new funding to expand the capabilities of its platform. Specifically, the firm will use a part of the investment to support its developer ecosystem that has built the platform. Additionally, Genesis mentioned that it intends to use some of the funding to expand its buy-to-build model. The firm wants to develop its low-code/no-code platform built with ‘build and buy’ applications and low-code solutions that enable financial firms to change the way they develop new applications so that they can move quickly, efficiently and flexibly to gain a competitive edge.
Stephen Murphy, the CEO of Genesis, commented about the development: “In the coming months, and with this new funding, we expect to onboard thousands of new developers and support them in their buy-to-build journey while continuing to expand our global network of institutional partners.”
Developing Cloud -Based Software Solutions for Banks and Financial Services
Founded in 2021, Genesis has been working with various financial services companies, providing non-technical employees with the tools they need to create ways to monitor and manage real-time risk, high-frequency trades and other activities. The firm recently raised $45 million and used the funding to bring the tools it has already developed to various financial companies that need to manage risks, compliance and financial services.
In May 2019, Genesis launched a new solution ‘Creative Studio’ to enable companies to quickly build and deploy web-based products and solutions without having to write code. The company developed the service in response to demand from financial institutions such as clearinghouses, banks, and execution venues that want to simplify the processes required to build web-based solutions.
By using the solution, Genesis stated that such financial firms can cut the time it takes to deliver web applications from months or weeks to a few hours.
The new solution helps simplify business processes. Instead of firms building a product aimed at addressing a variety of problems, they can use single web applications to fix those individual problems. At the same time, they can easily link applications together so that there is a level of fluidity across business operations, Genesis elaborated.
