Bank of America, BNY Mellon and Citi have invested US$20 million in Genesis Global, a low-code application development platform for financial markets organisations.
These strategic investments follow the firm’s US$200 million Series C funding, announced in February.
Financial services firms use Genesis across the software value chain to automate spreadsheet processes, enhance existing systems, replace legacy technology and to build first-time applications.
Digital innovation has become a priority throughout financial services, as firms seek to reduce the cost and complexity of existing systems and respond more quickly to changing regulation, according to Genesis. Speeding up the application development process helps financial markets companies accelerate the pace of technology innovation in parallel to operating and upgrading complex legacy systems.
Commenting on the investment, Nikhil Joshi, North America head of markets technology at Citi, says: “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.”
Avi Shua, chief information officer, head of investment management, wealth management and Pershing technology at BNY Mellon, adds: “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, customise and integrate applications with speed is critical, and provides our developers a toolset to make robust and flexible platforms that can scale.”
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