Genesis Global raises $20 million for IT innovation
Low-code application development platform World genesis raised $20 million from Bank of America, BNY Mellon and Citi and follows a $200 million Series C funding round announced in February aimed at boosting low-code technology as an accelerator of IT innovation.
Genesis CEO Stephen Murphy said in a Press release Wednesday, July 27, the additional funding is a sign of support and “confidence in low-code as an accelerator for the next wave of computing innovation” and the company looks forward to collaborating with funders on ” multiple innovative projects”.
See also: How Stablecoin’s $48 Billion Collapse Affected Crypto
David Trepanier, head of structured products, global credit and special situations at Bank of America, said Genesis offers a low-code solution that speeds up the development process and gives businesses the ability to “quickly build and launch new trading protocols and processes”.
By accelerating the application development process, financial markets firms can accelerate technology innovation alongside operating and upgrading complex legacy systems, according to the press release.
Digital transformation also helps organizations react quickly to changing regulations and stand out while innovating and reducing cost and complexity.
Read also: 37% of businesses use Blockchain, Crypto for cross-border payments
“Our investment and collaboration with Genesis enables us to build applications and solutions faster to meet the growing demands of our customers,” said Avi Shua, CIO, Head of Investment Management, Wealth Management and Pershing technology at BNY Mellon.
“The ability to develop, customize and integrate applications quickly is critical and provides our developers with a set of tools to build robust and flexible platforms that can scale. We couldn’t be more excited for this opportunity to work alongside Genesis to expand the development of low-code technology,” said Shua.
Related: UK Antitrust Watchdog examines Microsoft-Activision deal
“The Genesis platform is designed for financial markets,” said Nikhil Joshi, North America Markets Technology Manager at Citi. “The platform eliminates the repetitive, undifferentiated work at the heart of many financial industry applications, allowing developers to focus on innovative work and making technology departments more productive and strategic.” Citi first invested in Genesis in late 2020.