Genesis Global Technology announced an investment from Citi’s Markets FinTech Investments and SPRINT groups for the fintech’s “Low-Code Application Platform” (LCAP). The amount and terms of the investment are undisclosed.
LCAP is software used to create applications through GUIs rather than hand-coded computer programming. Developed specifically for the financial markets, Genesis’ LCAP is used for addressing: direct automation use cases, such as End User Computing (EUC) replacement and client servicing portals; complex opportunities including automating end-to-end electronic trading workflows; and mobile framework applications.
Solutions can be developed on average 80% faster than building from scratch, said Genesis’ chief exec Stephen Murphy, in a statement. Nikhil Joshi, managing director and global head of Spread Products Technology and Head of Markets Technology for NAM at Citi, said in a statement: “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.”