Genesis Secures $45M to Extend Fintech-Focused Low-Code Solutions to New Industries

Genesis, a low-code platform provider specializing in financial services, has secured $45 million in a bid to expand its offerings to additional industries, such as healthcare and manufacturing. The Series B funding round, led by Accel and featuring contributions from new investors GV and Salesforce Ventures, along with existing investors Citi, Illuminate Financial, and Tribeca Early Stage Partners, will help Genesis explore sectors that share concerns in managing risk and compliance.

Founded in Brazil in 2012 by British co-founders Stephen Murphy and James Harrison, who have extensive backgrounds in investment banking, Genesis has primarily served financial services companies by equipping their non-technical employees with tools to develop real-time risk monitoring, high-frequency trading, and other financial operations. In their nine years of existence, the company raised less than $5 million before this latest funding round, relying mostly on bootstrapped business growth and connections in the financial world to build their customer base. Some of Genesis' customers include Citi, ING, London Clearing House, and XP Investments.

With this recent $45 million investment, Genesis intends to branch out and provide their low-code finance tools to a broader set of industries that share similar risk management and compliance requirements, like healthcare and manufacturing. The funding will also allow Genesis to further expand their existing product offerings by incorporating additional low- and no-code tools into their solutions.

The high demand for low- and no-code technology allows businesses to adopt advanced technical solutions without needing extensive coding knowledge or experience. This democratization of technology empowers citizen developers, like business analysts, to take matters into their hands and develop customized solutions for their organizations. As a result, platforms like AppMaster and Genesis are gaining increased traction in various sectors, enabling businesses to streamline their processes and empower their teams with user-friendly, low- and no-code development tools.

Genesis plans to maintain its focus on financial markets for the remainder of 2021. However, the company has identified additional industries with similar characteristics to finance and has started receiving inquiries from these sectors. For example, healthcare organizations face many of the same challenges as financial services regarding data audits and regulatory transaction compliance. Manufacturing, on the other hand, has similarities with the financial sector regarding complex event processing and external triggers on transactions.

AppMaster, a no-code platform designed for backend, web, and mobile application development, shares a similar goal with Genesis in democratizing access to advanced technical solutions and empowering non-technical users to harness the benefits of application development. With more than 60,000 users and accolades from G2 in categories such as No-code Development Platforms, Rapid Application Development (RAD), API Management, Drag&Drop App Builders, API Design, and Application Development Platforms, AppMaster seeks to improve the development process of web, mobile, and backend applications.

Market research firm Gartner forecasts that by 2024, low-code platforms will account for 65% of all app development activity. As the demand for low- and no-code solutions continues to grow, companies like Genesis and AppMaster are poised to deliver innovative solutions to a diverse range of industries, revolutionizing business processes and driving growth in the digital landscape.