London-based genesis, an international capital markets software company, has raised $1.8 million from Illuminate Financial Management and Tribeca Early Stage Partners. The startup has now raised $5 million since its first ever round in November 2018. genesis bills itself as the ‘low-code’ platform for capital markets software development, so that financial service providers can build their own solutions faster and simpler. The company offers a suite of products, ranging from a new interest rate pricing product, to a credit risk syndicate loan marketplace, to a wealth management portfolio structuring product. “Low-code has been used widely outside the industry to create applications at speed, and at a drastically reduced cost, although to date these platforms have not been built to support capital markets,” explained Stephen Murphy, CEO of genesis. “We are excited by what we have already achieved both in creating new solutions and products, improving existing solutions and now look forward to bringing genesis Low-Code Application Platform to the capital markets community en masse.” Commenting on the funding, Mark Beeston, founder of Illuminate, said: “Since Illuminate invested in late 2018 genesis has really emerged as the leading provider in the low-code, pro-code movement within capital markets. We see genesis as the industry key to enabling digitisation and the innovation it supports. We are pleased to further support their journey.”
Nick Ogurtsov, Partner at Tribeca Early Stage Partners, added: “From the first time we met genesis, we felt the real potential to fundamentally re-define the very standards of software development within capital markets. This is exactly what we see genesis doing today, with its low-code platform that creates dramatically faster time-to-market at a much lower cost than traditional software development methods."
The UK startup will use the investment to develop its core technology as well as bolster sales and marketing efforts.