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Citigroup invests in fintech Genesis

Monday 5 October 2020 14:08 CET | News

Citigroup has invested in UK-based fintech Genesis, a startup that develops technology for financial firms to build applications such as trading systems, according to Reuters.

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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Keywords: Citigroup, fintech, Genesis, investment, financial firms, trading systems, applications, application platforms, banks, financial institutions, coding, IT operations, pandemic
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech