Low-code application development platform Genesis Global raised $20 million from the Bank of America, BNY Mellon and Citi and follows a $200 million Series C funding round announced in February being earmarked to drive low-code technology as an accelerator for IT innovation.
Stephen Murphy, CEO of Genesis, said in a press release on Wednesday (July 27) that the added funding is a sign of support and “confidence in low-code as an accelerator for the next wave of IT innovation” and the company is looking forward to collaborating with backers on “multiple innovative projects.”
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David Trepanier, head of structured products, global credit and special situations at Bank of America, said Genesis offers a low-code solution that accelerates the development process and gives companies the chance to “quickly build out and launch new trading protocols and processes.”
By speeding the application development process, companies in financial markets can accelerate tech innovation in parallel to operating and upgrading complex legacy systems, per the press release.
Digital transformation also helps organizations quickly respond to changing regulations and set themselves apart while innovating and reducing costs and complexity.
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“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,” Shua said.
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“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.
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