The international capital market software firm has secured $1.8 million of investment in its second capital raise, led by UK-based Illuminate Financial Management and NY-based Tribeca Early Stage Partners, which will be used to further develop the platform’s core technology, sales, and marketing.
Since its first external capital injection in November 2018, the firm has raised a total amount of $5 million. The new funding will help cement genesis’ position as the ‘low-code’ platform for capital markets software development, according to the firm who aims to address the industry’s pressure to digitize manual and repetitive business processes and other challenges such as meeting wide-reaching regulatory requirements, and limitations of incumbent vendors and software methodology processes.
As a Low-Code Application Platform built specifically for capital markets, genesis enables the rapid creation of products and solutions without having to write substantial lines of code. The firm claims it has the only platform capable of supporting the requirements of capital markets, by building solutions that are highly resilient, scalable and performant.
Mark Beeston, Managing Partner and Founder of Illuminate Financial
Management, said: “Since Illuminate invested in late 2018 genesis has really emerged as the leading provider in the low-code, pro-code movement within capital markets. We see genesis as the industry key to enabling digitization and the innovation it supports. We are pleased to further support their journey.”
Nick Ogurtsov, Partner at Tribeca Early Stage Partners, added: “From the first time we met genesis, we felt the real potential to fundamentally re-define the very standards of software development within capital markets. This is exactly what we see genesis doing today, with its low-code platform that creates dramatically faster time-to-market at a much lower cost than traditional software development methods.”
Stephen Murphy, CEO of genesis, said: “We are delighted by the continued investment and support of Illuminate Financial and Tribeca Early Stage Partners. Their investment puts us in a really strong position to continue to grow and lead a critical effort to make low-code application development prevalent across capital markets. Low-code has been used widely outside the industry to create applications at speed, and at a drastically reduced cost, although to date these platforms have not been built to support capital markets. We are excited by what we have already achieved both in creating new solutions and products, improving existing solutions and now look forward to bringing genesis Low-Code Application Platform to the capital markets community en masse.”
The genesis Low-Code Application Platform already hosts a suite of products ranging from a new interest rate pricing product to a credit risk insurance syndicate loan marketplace through to wealth management portfolio structuring and workflow products.