Citigroup invests in fintech Genesis

The companies did not disclose the amount and terms of the investment. Genesis has developed a 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, according to company staff.

The investment comes as banks continue to partner with young technology companies that they hope can make their IT operations more efficient and less costly. The need to automate more processes faster and keep costs in check has grown during the COVID-19 pandemic, as more bank business is now carried out remotely.
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