Accel Leads $45 Million Series B Funding in UK Fintech Genesis

Genesis has now raised $50 million since its first external capital injection in November 2018.

London-based capital markets software provider, Genesis Global Technology has raised $45 million in Series B funding led by global venture capital firm, Accel with participation from a host of other investors.

GV (formerly Google Ventures), Salesforce Ventures, Illuminate Financial and Tribeca Venture Partners also contributed to the latest financing round. Additionally, it counts backing from Genesis’ existing clients including Citi, along with ING, London Clearing House and XP Investments.

Genesis has now raised $50 million since its first external capital injection in November 2018. The UK startup will use the investment to further the development of its platform’s core technology as well as to bolster sales and marketing efforts.

“We were not really fixated on valuation. The most important thing is the future opportunity and where we could take the company with additional funding… this will help us hyper-scale up,” Genesis CEO Stephen Murphy told TechCrunch.

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Genesis Offering Gains Traction in Brazil

Genesis bills itself as the low-code platform for capital markets software development, which enables the rapid creation of products and solutions without having to write substantial lines of code. The paradigm has increasingly gained momentum in the financial industry as it enables relevant service providers to build their own solutions faster and simpler.

Firms looking to digitise manual workflows can benefit from Genesis Application Library, which offers a suite of products, ranging from interest rate pricing to a wealth management portfolio structuring product.

Genesis has recently signed up Brazilian financial exchange operator, B3 to leverage its low-code application platform (LCAP). Moreover, it has expanded its partnership with XP Investments, the US arm of Brazil’s largest broker-dealer.

Genesis teamed up with XP to launch a new PoP product, dubbed FX Prime, a trade capture application developed for FX & rates trading desks with Prime Broker integration. With this new product suite, the application supports FX Option trade capture for both single-leg trades and multi-leg strategies, as well as spot, forwards, swap, NDFs and interest rate swaps deals.

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