UK-based financial software provider Genesis secured $45m yesterday in a series B round featuring internet and technology group Alphabet, enterprise software provider Salesforce and financial services firm Citi.
The round was led by venture capital firm Accel and included Illuminate Financial and Tribeca Early Stage Partners, while Alphabet and Salesforce took part through subsidiaries GV and Salesforce Ventures respectively.
Genesis has built a low-code development platform that enables customers in the financial services industry to create tailored software applications quickly from scratch.
The company closed a $3m series A round featuring Illuminate Financial and Tribeca Early Stage Partners (then Tribeca Angels) in 2018, before they co-led a $1.8m round in December 2019. Citi then invested an undisclosed amount in October 2020.
Stephen Murphy, co-founder and CEO of Genesis, said: “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.”
