US-based Genesis Global has secured $20m in new investment from leading lenders including Bank of America, BNY Mellon and Citi.
Genesis is a low-code application development platform for the financial services space.
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The firm said that financial institutions leverage its platform across the software value chain to enhance systems, automate spreadsheet processes, upgrade legacy technology and develop new applications.
Genesis CEO Stephen Murphy said: “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.
“We are excited to be working with these partners on multiple innovative projects.”
Bank of America head of structured products, global credit and special situations David Trepanier said: “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.”
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By GlobalDataCiti’s latest investment in Genesis follows its earlier investment in late 2020.
Citi North America head of markets technology Nikhil Joshi said: “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.”
The latest funding comes after Genesis’ $200m Series C funding round was announced in February this year.
Tiger Global Management led the February round, which was joined by Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners.
At the time, the technology vendor said that the proceeds will be used to expand the platform, developer community and its “buy-to-build” model.
Last year, Genesis claims to have tripled its revenue and headcount. This year too it is on the same growth trajectory due to the increasing interest from clients in adopting the Genesis buy-to-build model for IT transformation.
