Genesis secures $45 million in Series B funding led by Accel
By Megha Bhattacharya
Genesis has announced that it has raised $45 million in a Series B round led by Accel along with the participation of GV, Salesforce Ventures, and existing investors Citi, Illuminate Financial and Tribeca Early Stage Partners. The investment will be used to grow the sales, marketing and engineering teams; expand into international markets including Asia-Pacific; and further, build out the Genesis platform’s low-code / no-code tooling and functionality.
Stephen Murphy, CEO and co-founder of Genesis, said, “Over the past few years, we’ve seen the low-code revolution sweep multiple industries but in financial markets, legacy vendors and generalist low-code providers still dominate. Many firms are missing out on the benefits of low-code programming – agility, value and flexibility – at a time in which they’ve never needed it more. We knew there had to be a better way to build software in financial markets and enterprises more broadly. Our low-code application platform is a game changer, democratising product design and helping firms deliver digital innovation quicker and with less code. We are excited to have Accel on board who has a long track record in supporting category-leading companies in low-code and enterprise automation.”
Recently, StoneX, (formerly known as INTL FCStone) announced that it has selected Genesis to fully automate and digitize middle-office workflows for its equities and fixed income trading business. Genesis is empowering StoneX to achieve operational alpha with a robust and agile middle office application from the Genesis Application Library that meets the escalating client demand for productivity tools and improved client services. The application is multi-asset class and integrates with StoneX systems both upstream and downstream seamlessly using the Genesis Low-Code Application Platform (LCAP) industry adaptors and APIs.
Andrei Brasoveanu, Partner at Accel, who joins Genesis’ board, said, “Low-code promises business users the autonomy to make their own technology usage and purchase decisions while enabling them to actually build their own applications without having to rely on IT. By bringing one of the most transformative innovations in software development to financial services, Steve and the Genesis team are taking on a huge market of legacy vendors – and winning too – while delivering on the promise of low-code. The confidence they’ve gained from serving such large institutions is proof that there’s a real and urgent need for a purpose-built low-code solution for financial markets. We’re excited to partner with Genesis and support them in delivering this across the world.”
IBSi Daily News Analysis
February 26, 2024
UAE banking pulse: robust growth and profitability signal positive outlookRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage