The no-code and low-code tools have become a big hit among various enterprises interested in giving a technical boost to their business operations. However, sometimes it lacks the necessary resources for handling complicated integrations. Recently, one such start-up firm decided to build its low-code finance tool and announced that it would fund in this trend to expand its business.
Genesis is one of those firms that have mainly worked with various financial service providers to give non-technical employees essential tools for creating techniques for monitoring and managing real-time risks, high-frequency trading, and other such activities. While doing this, this firm managed to raise $45M.
Now, they are planning to use this funding to introduce the tools it has built in a vertical set with similar requirements for managing risks, compliance, finance, manufacturing, healthcare etc. They would continue to build more of these sectors into the list.
The series B comes with a combination of financial investors with strategic backers that are aware of who integrates with Genesis’ tools on its platform. It is led by Accel, which includes participation from Salesforce Ventures and new backers Google Ventures, along with the already existing investors who have already invested in this round, such as Illuminate Financial, Tribeca Early Stage Partners and Citi. Some of the prominent Genesis customers are ING, Citi, XP Investments and London Clearing House.
Genesis was originally formed in Brazil in 2012 by the British founders James Harrison (CTO) and Stephen Murphy (CEO), who had expertise in investment banking. This enabled Genesis to raise approximately $5 million by bootstrapping their business and depending on Harrison’s and Murphy’s relationship in the finance world for growing their customer base.
Murphy conducts business operations from Miami as he relocated from New York owing to the Covid-19 pandemic. On the other hand, Harrison managed to lead the team from the United Kingdom.
With less funding than now, the company that survived for nine years was doing fine financially before series B. Now they are planning to use this funding primarily to boost their growth than it could have done based on their resources. However, they plan not to disclose this round’s valuation yet.
The company’s CTO- Murphy, stated that they are trying not to remain fixated on the valuation. Their funding was raised when several VCs started being a part of this firm. The future opportunity is the essential aspect and where they could take the firm with more funding. This could help them to scale up easily. Moreover, he also noted that specific term sheets containing amazing multiples and numbers provided that interest in low-code and no-code technology is growing quickly.
Furthermore, the trend of no-code and low-code technology, along with the important launches from Microsoft and Google and other major players with several start-ups like EasySend, Rows, Zapier, Ushur, Bryter, Creatio, Airtable, Gyana, etc., who are joining in this bandwagon too.
