Genesis raises $200 million in Tiger-led round to grow its finance-focused low-code app platform – TechCrunch

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Genesis, which built a low-code/no-code application platform specifically for financial markets, today announced it has secured a $200 million investment led by Tiger Global Management.

The funding comes 11 months after the company announced it had raised $45 million, as our very own Ingrid Lunden reported back in March. Interestingly, Genesis had raised less than $5 million prior to last year, mostly by seeding the business.

The company’s buy-to-build technology was “developed by and for professional coders,” according to Genesis CEO Stephen Murphy. Specifically, to date, Genesis has a total of 50 customers, is used by thousands of developers, and is “trusted” by Citi, B3, ING, Bank of Montreal, and London Clearinghouse, according to Murphy.

The executive declined to disclose at what valuation this past cycle was increased or any actual revenue, saying that “in less than nine months of our Series B, we nearly tripled Genesis recurring revenue, a sign clear of the enormous potential our partners see in our vision. At the end of 2021, Genesis had 50 employees. Today, it has more than 200 employees. The company describes itself as “global” and says that it has no of office which it considers its central headquarters. Leadership, he adds, is mainly located in the United States

Financial markets need highly specialized tools that respect and excel in tightly regulated environments, Murphy said. Genesis wants to give financial companies a way to “build and buy” applications with its low-code solution so they can scale quickly and more flexibly and efficiently to gain a competitive advantage. In even simpler terms, Genesis built a low-code/no-code platform for financial institutions with the goal of fundamentally changing the how they develop new applications.

“Whether extending the capabilities of legacy applications or building new applications or platforms, Genesis provides developers with market-specific reusable components, development tools, and a rich, interactive user interface,” wrote Murphy via email, noting that the company’s platform was built on an event-driven architecture and numerous internal and external APIs.

Insight Partners, Accel, GV (formerly Google Ventures), Illuminate Financial, Tribeca Early Stage Partners and Salesforce Ventures also participated in the round.

“The rise of low-code development as the centerpiece of every computing stack is undeniable – the The market is expected to reach $21 billion by 2022 – but what Genesis stands for is clearly the next-generation low-code/no-code path for the highly complex, highly regulated, and extremely valuable financial markets,” said John Curtius, partner at Tiger Global, in a written statement.

Accel partner Andrei Brasoveanu believes demand for Genesis’ offering will only increase as large financial institutions “face an increasingly competitive marketplace, tighter regulation surveillance and increasing user demands.

The company plans to use the new capital to accelerate the expansion of its platform and developer community and to improve its go-to-market for platform growth. He also plans to do more hiring.

While Genesis is currently solely focused on the financial services market, Murphy believes its technology could expand to other highly regulated markets in the future, such as healthcare and manufacturing.

“The pandemic has revealed a critical need for digital transformation within the financial services industry and has brought a system shock to a traditionally slow industry. So that was really a turning point for the company and the industry as a whole,” Murphy told TechCrunch. “Having access to this kind of customizable infrastructure is virtually non-negotiable.”

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