Citi Invests in Low-Code Application Provider genesis
Genesis Global Technology, a low-code application platform (LCAP), announced on Monday that it has received a strategic investment from banking giant Citi.
With offices in both London and New York, genesis offers financial market-specific LCAP for clients ranging from buy-side, sell-side, execution venues, and clearinghouses. According to the company, its solutions enable its clients to accelerate technology roadmaps and thus increase business workflow efficiencies and reduce costs.
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Commenting on the investment, Citi’s Nikhil Joshi said: “The Low-code application development paradigm has increasingly gained momentum in the financial industry and has the potential to change the way the industry develops applications in the future.”
Joshi is the bank’s managing director, global head of spread products technology, and head of market technology for NAM.
Citi Seeing Potential in LCAP
The company is receiving investment under Citi’s Markets FinTech Investments and SPRINT groups, and the bank will also leverage genesis’ LCAP.
“Genesis complements our mainstream application development methodologies and integrates with them quite well. We are very much looking forward to partnering with Genesis to accelerate Citi’s digitization journey,” he added.
Earlier this year, Finance Magnates reported on genesis’ partnership with BTON Financial to automate trading workflows.
“Our low-code application platform is essentially democratizing product design,” Stephen Murphy, CEO of genesis, said. “We are delighted that Citi has chosen to partner with Genesis and believe this strategic relationship puts us in a very strong position to not only grow, but also lead a critical effort to deliver low-code application development across the financial markets. Clients can create custom-built products and solutions without having to write substantial lines of code and solutions can be developed on average 80% faster than building from scratch.”
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