genesis secures $3m Series A funding from Illuminate Financial and Tribeca Angels
- 15.11.2018 08:11 am
genesis, the international capital markets software firm, today announced the completion of its Series A financing round, securing a total of $3m from Illuminate Financial, a U.K. based capital markets venture capital firm and Tribeca Angels, a New York venture group.
genesis was founded in 2015 by Stephen Murphy and James Harrison, who have held senior roles at leading investment banks and capital markets software vendors around the world. Confident that the industry needed a different approach to innovation, genesis has dedicated the past 4 years to building a microservices technology framework designed specifically for the world of capital markets. This technical framework helps clients from buy-side, sell-side, execution venues and clearing houses address the many varied and highly complex industry challenges. These range from meeting wide-reaching regulatory requirements, to finding ways to optimise cost and relieve margin pressure; from developing tightly defined products and solutions to wholesale reframing and reimagining business models. Whatever the requirements, capital markets institutions are all being challenged to digitise in order meet the demand for smarter end-to-end workflows and deliver real-time, valued insights.
genesis’ microservices framework enables the development and deployment of a range of agile, scalable and robust products and solutions quickly and efficiently, slicing production times from months - or in some cases, years - to a matter of weeks.
Commenting on the funding, Mark Beeston, Managing Partner and Founder of Illuminate Financial, said: “We focus on finding and funding enterprise solutions that will effect real change within the financial markets industry. Market structure has been evolving to a series of best in class business solutions for some time which increasingly depends on the fast delivery of technology based on a microservices framework. We believe that genesis has created the only fit for purpose foundational layer of microservices. We are excited not only by their potential for delivering solutions to real business problems at great speed today, but also the opportunity they present for exciting innovation in the future.”
Tribeca Angels, a U.S. network of entrepreneurs and business leaders with deep domain expertise in institutional finance and enterprise technology joined the investment round.
Paul Walker, Member of Tribeca Angels, added: “Tribeca Angels invests in innovative, rapidly growing FinTech companies. We chose to invest in genesis because we understand that the combination of a rapid innovation technology platform, client success, and a high quality pragmatic team make for a very compelling investment. When we invest, we invest for the long term and we look forward to our collaboration.”
Stephen Murphy, Chief Executive Officer of genesis, said: “Capital markets infrastructure is on the cusp of change, driven by new market and business opportunities, along with increasing regulation and cost. The industry is waking up to the necessity for digitisation. We set up genesis in the belief that there is a better way for firms to adapt to industry changes and the digital transformation happening across capital markets, to unshackle themselves from the frustrations of legacy systems and need a smarter way to be able to innovate at speed.”
Murphy continued: “As we gear up for our next stage of growth, we are delighted to have secured our Series A funding with Illuminate Financial and Tribeca Angels, both with a strong track record in backing innovative firms that are transforming the markets. We believe their investment is testament to our potential and comes at a time of accelerating momentum.”