LONDON (Reuters) – Citigroup Inc
has made a strategic investment in Genesis Global Technology Limited, a London-based startup that develops technology to make it cheaper and faster for financial firms to build applications such as trading systems, the companies said on Monday.
The companies did not disclose the amount and terms of the investment.
Genesis has developed a so-called “low-code application platform”, or tools to enable banks and other financial institutions to build new software for various business lines with fewer amount of coding.
Genesis’ technology can make it on average 80% faster than building an application from scratch, said the company’s Chief Executive Stephen Murphy.
“It gives you every building block you’ll need to cover any use case that you would want to implement in the financial markets,” Murphy said in an interview.
The investment comes as banks continue to partner with young technology companies that they hope can