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US banking heavyhitters invest $20m in low-code platform Genesis

US banking heavyhitters invest $20m in low-code platform Genesis

Bank of America, BNY Mellon and Citi have invested $20 million into the low-code platform, Genesis Global.

Built especially for financial institutions, the platform speeds up the application development and in turn, the innovation process while also operating and upgrading complex legacy systems.

With Genesis, banks across the software value chain can automate spreadsheet processes, enhance existing systems, replace legacy technology and build new, robust first-time applications.

This $20 million cash injection follows the firm’s $200 million Series C funding announced in February.

Further, after tripling its revenue and the size of its team in 2021, interest in the 'buy-to-build' model has driven growth in 2022 and enhancing or replacing legacy systems has been simplified with Genesis.

Stephen Murphy, CEO of Genesis, 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."

David Trepanier, head of structured products, global credit and special situations at Bank of America, added: “Our clients and environment demand more innovation and productivity in terms of IT output. 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.”

Avi Shua, CIO, head of investment management, wealth management and Pershing Technology at BNY Mellon, continued: “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.”

Nikhil Joshi, North America head of markets technology at Citi, concluded: “The Genesis platform is built for financial markets,” 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.” Citi first invested in Genesis in late 2020.

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