Genesis, the application development platform purpose-built for financial markets organizations, announced a new round of $200 million in financing, led by Tiger Global Management, with participation from Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners.
The funding will be used to expand the Genesis platform, developer community and the company’s “buy-to-build” model. This innovative model increases operational efficiency and empowers global IT teams by providing them with a platform that helps them streamline and accelerate development of software applications, systems integrations, and customization of third-party technology solutions.
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“The Genesis platform is already trusted by leading institutions from Citi, who is also a strategic investor from previous funding rounds, and ING to Alliance Bernstein and B3 to speed innovation and accelerate delivery of purpose-built financial markets applications,” said Genesis CEO, Stephen Murphy. “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. 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.”
The Genesis platform seamlessly and swiftly integrates with a firm’s technology ecosystem, offsetting the need to invest resources into new systems. The unique Genesis buy-to-build approach enables companies to deploy applications with speed and scale, creating a strategic advantage through rapid technology development.
“The rise of low-code development as a centerpiece 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,” said John Curtius, Partner at Tiger Global. “Genesis has a proven track record of building enduring, best-in-class low-code/no-code solutions, making them the perfect complement to our exciting portfolio of investments. We look forward to supporting Genesis as it continues to go from strength-to-strength.”
“Large financial institutions are struggling to scale their internal IT teams while shifting to modern software-based processes,” said Jonathan Rosenbaum, Managing Director at Insight Partners. “Recognizing the extent of this problem, Genesis built a cutting-edge, low-code/no-code platform for financial institutions which is fundamentally changing the way they develop new applications. We at Insight are confident in the company’s ability to make a tremendous impact for its customers, and we are very excited to partner with the entire Genesis team as they continue down the path of exponential growth.”
This year, the company has seen significant momentum, tripling the size of the business and overall headcount, as well as growing the roster of world-class clients optimizing their business on Genesis’ platform. More importantly, the company has seen accelerated interest from clients in adopting the buy-to-build model: building their own innovative solutions in-house using Genesis technology, further driving the strategic direction to double down on the Genesis developer community.
“Large financial institutions are facing an increasingly competitive market, greater regulatory oversight and increasing user demands,” said Andrei Brasoveanu, Partner at Accel. “With their next generation low-code/no-code platform, the Genesis team is enabling financial institutions to quickly and cost-effectively build their own applications in-house and overcome the complex challenges posed by traditional vendors. Genesis is now a core part of many firms’ technology strategies and the team has seen impressive momentum over the past year. We’re looking forward to seeing what Genesis achieves next!”
Source: Genesis
