Genesis raised $200M led by Tiger Global (Azevedotechcrunch/Accellundentechcrunch)

Genesis, which came with a low-code or no-code application platform for financial marketers, announced it had raised a $200 million investment from Tiger Global Management. The financing has come 11 months after the company declared of raising $45 million. It is $5 million less than last year by bootstrapping the business.

The idea of the company’s “buy to build” technology was mainly for professional coders, as per its CEO. To date, the company got a total of 50 customers and is used by plenty of developers. It is a trusted source for the Bank of Montreal, ING, Citi, B3, and London Clearinghouse, as per Murphy.

But the executive of Murphy denies revealing the valuation that resulted in the raise and commented that in only nine months since Series B, it has tripled the revenue of Genesis. It indicates the potential the partners will look for in a company’s progress. By the end of 2021, Genesis worked with 50 employees, with a total of 200 employees now. Though it describes offering global service, it has its primary office located in the U.S. 

According to Murphy, financial markets should have high-tech tools that adhere to strict environments and regulations. It further commented how Genesis offers a high-tech yet low-code solution that is flexible and efficient, giving a competitive edge over competitors. The main idea behind the platform is to change the way of developing new applications and make them efficient.

As per Murphy, Genesis provides developers market specific components with intuitive UI. He added that the company’s platform was built keeping in mind event-driven architecture with plenty of internal and external APIs. 

The rise of such low-code platforms is undeniable; the market can reach $21 billion by 2022. But Genesis is trying to represent the next generation of low-code applications to handle the complex and valuable financial markets as per John Curtius, partner at Tiger Global.

Accel Partner Andrei Brasoveanau believes that demand for the low-code platform will grow as the financial institutes have to cope in the increasingly competitive market.

However, Genesis plans to deploy new capital to accelerate platform expansion and its user community, which helps enhance the market. It can further create employment opportunities, leading to more hiring in the sector.

While Genesis mainly deals with the financial service market, Murphy commented that technology could expand into other markets, including manufacturing and healthcare facilities. The pandemic imposed a need for crucial need for digital transformation in the financial service and served a system to the traditional structure of the sector. Therefore, any technological development is like a turning point for Genesis, impacting the industry as a whole. With access to customizable infrastructure, it can bring in better practical results for the benefit of the industry.