London-based capital markets software provider, Genesis Global Technology has raised $20 million in a fresh funding from a host of US banking giants.
Bank of America, BNY Mellon and Citi contributed to the latest capital injection. Additionally, it counts backing from Genesis’ existing clients.
The financing comes five months after Genesis, which has built a low-code/no-code application platform specifically for the financial markets, had raised $200 million led by Tiger Global Management.
“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 now raised $270 million since its first external capital injection in November 2018. The UK startup will use the investment to further the development of its platform’s core technology as well as to bolster sales and marketing efforts.
Avi Shua, CIO, head of investment management at BNY Mellon, said: “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, 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.”
Genesis offering gains traction in Brazil
Genesis bills itself as the low-code platform for capital markets software development, which enables the rapid creation of products and solutions without having to write substantial lines of code. The paradigm has increasingly gained momentum in the financial industry as it enables relevant service providers to build their own solutions faster and simpler.
Firms looking to digitise manual workflows can benefit from Genesis Application Library, which offers a suite of products, ranging from interest rate pricing to a wealth management portfolio structuring product.
Genesis signed up Brazilian financial exchange operator, B3 to leverage its low-code application platform (LCAP). Moreover, it has expanded its partnership with XP Investments, the US arm of Brazil’s largest broker-dealer.
Genesis teamed up with XP to launch a new PoP product, dubbed FX Prime, a trade capture application developed for FX & rates trading desks with Prime Broker integration. With this new product suite, the application supports FX Option trade capture for both single-leg trades and multi-leg strategies, as well as spot, forwards, swap, NDFs and interest rate swaps deals.