Tiger Global leads USD 200m Series C round for Genesis Global

Genesis is backed by strategic investor Citi.

The Series C round was led by Tiger Global with participation from GV, Accel, Illuminate Financial, Salesforce Ventures, Insight Partners and Tribeca Early Stage Partners, according to a report.

In April 2021, Genesis CEO and co-founder Stephen Murphy told Mergermarket he sees a runway of 18 months plus until its next equity raise.

According to a statement, the new funding will accelerate the company's buy-and-build model to enable it to streamline operations across its platform. The company did not disclose financials; however, it told Mergermarket last year that the business is growing at an extremely high rate, and it delivered 2020 revenues 3.8x higher than the previous year; it expects to deliver a similar growth rate in 2021.

According to Unquote Data, Tiger Global is currently investing through Tiger Global Private Investment Partners XIV, which launched in January 2021 and held a final close on its hard-cap of USD 6.65bn in March 2021. The fund follows the same strategy as its predecessor; it targets startups globally in the internet, cloud, consumer and software sectors.

Tiger Global had not responded to a request for comment at the time this article was published.

Previous funding
Genesis raised USD 45m in a Series B funding round led by Accel in March 2021 with participation from current and new investors, including Citi, GV, Salesforce Ventures, Illuminate Financial and Tribeca Venture Partners, according to a statement at the time. Following this funding round, the co-founders of the business held a majority stake in the company, while employees also held a part of the equity through a share option plan, according to Mergermarket.

Company
Genesis was founded in 2015 and is the only no-code and low-code application platform servicing financial institutions, according to its website. The business has five offices worldwide and is headquartered in London. According to its website, Genesis will open a new office in Bangalore soon.

The business enables financial institutions to build in-house applications by providing services like trade flow analytics and an aggregation engine.

In 2021, the company told Mergermarket that it employs 55 people and aims to exceed 150 staff. In a recent statement, the company said it had tripled the size of the business and overall headcount.

People
Genesis Global Technology – Stephen Murphy (CEO, co-founder).
Tiger Global – John Curtius (partner).
Accel – Andrei Brasoveanu (partner).
Insight Partners – Jonathan Rosenbaum (partner).

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