Genesis has announced a very successful Series C funding round that raised $200 million. Originally, Tiger Global led a $100 million Series C with Accel, GV, Illuminate Financial, Tribeca Early Stage Partners, and Salesforce Ventures, participating. However, Insight Partners wanted a piece of the action. That led the funding round to double in value with the makeup of the investment changing, though Tiger Global is still leading the round.
The company last raised funding in March 2021 in a $45million Series B round led by Accel. This is a significant increase in funding after only a year, although a successful one. Both revenues and employee numbers have tripled. It has also added several world-class brands to its roster in the last year. Those brands included Bradesco BAC Florida Bank, Marex, and China FICC. Those new brands joined giants such as ING and Citi.
Financial markets seeing an increase in low-code solutions
The momentum has accelerated with more companies considering Genesis’s buy-to-build model. Financial organisations build solutions on the low-code / no-code application platform specifically built for financial markets.
This is a significant boost for Genesis and its low-code platform targeted at the financial markets sector. Genesis will invest the funding in product development, growing the developer community and its go-to-market strategy.
Genesis CEO Stephen Murphy commented: “The Genesis platform is already trusted by leading institutions from Citi and ING to Alliance Bernstein and B3 to speed innovation and accelerate delivery of purpose-built financial markets applications.
“We have worked hard to become central to IT delivery across financial markets, and we are increasing our focus on and commitment to our growing developer community. In the coming months, and with this new funding, we expect to onboard thousands of new developers and support them in their buy-to-build journey while continuing to expand our global network of institutional partners.”
Investors want a piece.
There is money in money. Venture capital firms have seen that the advantages of a specialist low-code platform have a huge opportunity worldwide. Genesis has already started to prove this with offices in Europe, North America and South America. It will soon open its first Asian office in Bangalore. This investment should help accelerate that international expansion.
John Curtius, Partner at Tiger Global, commented: “The rise of low-code development as a centerpiece of every IT stack is undeniable – the market is predicted to reach $21 billion by 2022 – but what Genesis represents is clearly the next-generation of low code/no code path forward for the highly complex, highly regulated, and extremely valuable financial markets.
“Genesis has a proven track record of building enduring best-in-class low-code/no-code solutions, making them the perfect complement to our exciting portfolio of investments. We look forward to supporting Genesis as it continues to go from strength-to-strength.”
Insight Partners, the late entrant on the funding round, also sees the opportunity within the finance sector. Jonathan Rosenbaum, Managing Director at Insight Partners, commented: “Large financial institutions are struggling to scale their internal IT teams while shifting to modern software-based processes.
“Recognizing the extent of this problem, Genesis built a cutting-edge, low-code/no-code platform for financial institutions which is fundamentally changing the way they develop new applications. We at Insight are confident in the company’s ability to make a tremendous impact for its customers, and we are very excited to partner with the entire Genesis team as they continue down the path of exponential growth.”
Enterprise Times: What does this mean?
There are a lot of no-code and low code platforms out there. Some are tied to platforms such as Salesforce, and others are independent such as Pega Systems. Genesis stands out as it focuses on the financial sector. It aims to address the specific challenges faced, such as the necessity for low latency.
This investment should accelerate growth, providing it can find the right balance between powering R&D and expansion. This release leaves several questions unanswered. What will the product roadmap look like, what will it bring forward? How will it support its developer community? Are there technology integrations or more partnerships that it needs to forge? Will it look to grow through acquisition?
Finally, what is the potential for this organisation? Will it continue to grow with future funding rounds, seek an IPO, or be acquired?
