New York based start-up Genesis raises USD 45 Million

US based start-up Genesis has secured USD 45 million funds on 15^th of March, 2021 in Series B round led by Accel. 

Investors: The acquisition of USD 45 million funds took place in the Series B funding round led by Accel along with the involvement of previous investors like London Clearing House, XP Investments and ING. 

What the funding is for: The fresh funding would be utilized for expanding their low code fintech focus to more verticals. According to sources the company is also aiming to globally expand their reach. 

About the company: Genesis is a privately held organization which operates under the financial services stadium established in 2013. The company has a work strength of around 11-50 employees. Genesis is the global leader in the institutional digital asset market and a full-service digital currency prime brokerage. 

Founder of the company: Stephen Murphy and James Harrison

Founded year: 2013

What the CEO has to say: “We were not really fixated on valuation; the most important thing is the future opportunity and where we could take the company with additional; finding this will help us hyper scale up. He did note that the term sheets contained some amazing numbers and multiples given the current interest in low code and no code technology. You now have a whole citizen developer world for example business analysts who understand the solution you want but might not know how to get there.” 

“We play to season developers first but the investment will help us put lower code and no code tools into place to widen the tools out to them. On one side we have well and truly entered an era in enterprise technology and with the same trend playing out in the consumer tech too where smart developers are taking sophisticated and complex services and putting wrappers around them by way of APIs and simpler interfaces so that the sophisticated tools can in turn be integrated and implemented in more places.” — – Stephen Murphy, CEO of the company.

What the investors have to say: “While a lot of no code and low code developers are coming at the concept with specific verticals in mind no surprise since different verticals have very specific use cases and needs what is interesting with Genesis is that how the company is leveraging with what it already knows with finance and then looking at other industries that have similar demands, structure and rules. Starting out in finance made sense because that was where the two founders had previously worked but also because of the history of how different software tools would be specifically used.” — General Manager at Accel.

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