By Nancy Dahlberg
Genesis Global, now a Miami-based fintech company, just announced new strategic investments from Bank of America, BNY Mellon and Citi totaling $20 million. The financing follows the company’s $200 million Series C financing led by Tiger Global Management in February.
Leading financial institutions are using low-code software development as an enabler of their IT strategies. Founded in 2012, Genesis Global offers a low-code application development platform designed for financial market organizations.
“This strategic support from Bank of America, BNY Mellon and Citi demonstrates their confidence in low-code as the accelerator for the next wave of IT innovation,” said Stephen Murphy, CEO of Miami-based Genesis. “We are delighted to work with these partners on several innovative projects.”
Earlier this year, the Miami Downtown Development Authority revealed that Genesis was one of the companies that moved its headquarters to 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 the CEO, and has expanded its office in Brickell’s SE Financial Center, said Alex Paidas, vice president of communications for Genesis.
Financial services companies use Genesis to automate spreadsheet processes, enhance legacy systems, replace legacy technology, and build applications for the first time. Accelerating the application development process helps capital markets firms accelerate the pace of innovation while leveraging and upgrading complex legacy systems, Genesis said in its announcement.
Citi first invested in Genesis in late 2020.
“The Genesis platform is designed for financial markets,” Nikhil Joshi, Citi’s head of North America markets technology, said in a statement. “The platform eliminates the repetitive, undifferentiated work at the heart of many financial industry applications, allowing developers to focus on innovative work and making technology departments more productive and strategic.”
In 2021, Genesis tripled its revenue and team size, and the growth continues. Globally, the team numbers about 280 people, up from 165 at the end of 2021, Paidas said. Besides Miami, Genesis has offices in New York, Charlotte, London, Leeds, São Paulo and Dublin.
In Miami, 25 of the 35 team members have been hired in 2022, and the company estimates it will hire at least 15 more people by the end of this year, Paidas said. The company will be looking for senior developers, application developers, product marketers, account managers and sales professionals, he added.
Genesis has been approved for incentives from the Miami Downtown Development Authority under the DDA’s Follow the Sun program to encourage job creation. Over the next three years, the company plans to create/retain 140 jobs at various levels and sectors, including finance, marketing and sales, operations, management, etc., with an estimated average salary of nearly $145,000, or nearly 2.5 times the median household income in Miami-Dade.
Genesis is also a player in one of South Florida’s fastest growing technology sectors. Fintech was the most active sector for venture capital in the Miami-Fort Lauderdale metro area last year, attracting 43% of venture capital dollars disbursed to South Florida companies and 21% of deals , and the pace of growth continued into the first half of 2022.
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