By Nancy Dahlberg
Genesis Global, now a Miami-based financial technology company, just announced new strategic investments from Bank of America, BNY Mellon and Citi totalling $20 million. This funding follows on the heels of the company’s $200 million Series C funding led by Tiger Global Management in February.
Leading financial institutions use low-code software development as an enabler of their IT strategies. Founded in 2012, Genesis Global offers a low-code application development platform built for financial markets organizations.
“This strategic support from Bank of America, BNY Mellon and Citi demonstrates their confidence in low-code as an accelerator for the next wave of IT innovation,” said Stephen Murphy, CEO of Genesis, who is based in Miami. “We are excited to be working with these partners on multiple innovative projects.”
Earlier this year, the Miami Downtown Development Authority revealed Genesis was one of the companies that relocated its headquarters to the Magic City from London, and plans to hire 140 people over the next three years. Already, Genesis has 35 employees in the Miami area, including its CEO, and recently expanded its office space in the SE Financial Center on Brickell, said Alex Paidas, Genesis’ VP of Communications.
Financial services firms use Genesis to automate spreadsheet processes, enhance existing systems, replace legacy technology and to build first-time applications. Speeding the application development process helps financial markets companies accelerate the pace of innovation while operating and upgrading complex legacy systems, Genesis said in its announcement.
Citi first invested in Genesis in late 2020.
“The Genesis platform is built for financial markets,” said Nikhil Joshi, North America Head of Markets Technology at Citi, in a statement. “The platform eliminates repetitive, non-differentiating work core to many financial industry applications, freeing developers to focus on innovative work and making Technology departments more productive and more strategic.”
In 2021, Genesis tripled its revenue and the size of its team, and growth is continuing. Globally the team is about 280 people, up from 165 at the end of 2021, Paidas said. In addition to Miami, Genesis has offices in New York, Charlotte, London, Leeds, São Paulo and Dublin.
In Miami, 25 of the 35 team members were hired in 2022, and the company estimates it will hire at least 15 more people by the end of this year, said Paidas. The company will be seeking senior developers, application developers, product marketing, account executives and sales professionals, he added.
Genesis was approved for incentives from the Miami Downtown Development Authority as part of the DDA’s Follow the Sun program aimed at encouraging job creation. Over the next three years, the company plans on creating/retaining 140 jobs across various levels and sectors including finance, marketing and sales, operations, management, and more with an estimated average salary of nearly $145,000, nearly 2.5 times the median household income in Miami-Dade.
Genesis is also a player in one of the fastest-growing tech sectors in South Florida. Last year, fintech was the most active sector for venture capital in the Miami-Fort Lauderdale metro area, attracting 43% of the venture dollars flowing to South Florida companies and 21% of the deals, and the pace of growth has continued in the first half of 2022.
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