Citigroup has made a strategic investment in Genesis Global Technology LTD, a London based startup that develops technology to build applications such as trading systems.
The new company is best known for its “low-code application platform”, or tools to allow banks and other financial institutions to build a new software for various business lines with less amounts of coding.
The investment by Citigroup comes at a time when financial firms are being driven to fully digitise manual repetitive workflows due to the Covid-19 pandemic.
As a result of the increase in remote working, there is a demand for financial firms to adopt cloud-based software tools.
Citigroup did not disclose the amount or terms of their investment.
Stephen Murphy, CEO of Genesis, said: “We are delighted that Citi has chosen to partner with Genesis and believe this strategic relationship puts us in a very strong position to not only grow, but also lead a critical effort to deliver low-code application development across the financial markets”.
He added: “Clients can create custom built products and solutions without having to write substantial lines of code and solutions can be developed on average 80% faster than building from scratch.”