Leading financial institutions use low-code software development as an enabler of their IT strategies
Genesis Global, the low-code application development platform purpose-built for financial markets organizations, today announced $20 million in new investments from Bank of America, BNY Mellon and Citi. These strategic investments follow the firm’s $200 million Series C funding announced in February.
“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. “We are excited to be working with these partners on multiple innovative projects.”
“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.”
“Our investment in and collaboration with Genesis allows us to create applications and solutions faster to meet the increasing demands of our clients,” said Avi Shua, CIO, Head of Investment Management, Wealth Management and Pershing Technology at BNY Mellon. “The ability to develop, customize and integrate applications with speed is critical, and provides our developers a toolset to make robust and flexible platforms that can scale. We couldn’t be more excited for this opportunity to work alongside Genesis in expanding the development of low code technology.”
“The Genesis platform is built for financial markets,” said Nikhil Joshi, North America Head of Markets Technology at Citi. “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.” Citi first invested in Genesis in late 2020.
Speeding the application development process helps financial markets companies accelerate the pace of technology innovation in parallel to operating and upgrading complex legacy systems. Digital transformation is a priority throughout financial services as firms seek to differentiate themselves, innovate, reduce the cost and complexity of existing systems and respond more nimbly to changing regulation.
Financial services firms use Genesis across the software value chain to automate spreadsheet processes, enhance existing systems, replace legacy technology and to build new, robust first-time applications.
In 2021, Genesis tripled its revenue and the size of its team. The growth is continuing in 2022, driven by increasing interest from clients in adopting the Genesis buy-to-build model for IT transformation. With buy-to-build, institutions accelerate the pace of IT transformation because building new applications and enhancing or replacing legacy systems is dramatically easier and faster through the Genesis platform.
Source: Company Press Release