Bank of America, BNY Mellon and Citi have invested $20 million into Genesis Global, which has built a low-code/no-code application platform specifically for the financial markets.
Genesis says the platform enables the rapid creation of products and solutions without having to write substantial lines of code.
It helps banks across the software value chain to automate spreadsheet processes, enhance existing systems, replace legacy technology and build new, robust first-time applications.
“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,” said Stephen Murphy, CEO of Genesis.
Genesis has raised $270 million since its first external capital injection in November 2018.
The UK start-up will use the current spate of funds to further develop its platform’s core technology as well as to bolster sales and marketing efforts.
“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.”
Avi Shua, CIO, head of investment management, wealth management and Pershing Technology at BNY Mellon, added, “Our investment in and collaboration with Genesis allows us to create applications and solutions faster to meet the increasing demands of our clients. 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.”
Nikhil Joshi, North America head of markets technology at Citi, which first invested in Genesis in 2020, noted “that 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.”
