Genesis, Qumata and TransferGo Grab Funding in London

The capital captures more capital as an application development platform, a healthy insurtech and a money transfer firm forge ahead.

It’s all about London with Genesis, Qumata and TransferGo all securing tech funding for their differing aspirations. 

Genesis, an application development platform for financial markets organisations, has announced a new round of $200 million (£147 million) in financing.

Qumata, a tech solutions provider for the insurance industry, has revealed an extension to its Series A round of funding to $23 million (£17 million).

Money transfer company TransferGo has got funding in a way. The fintech firm announced the sale of secondary shares, valued at €6 million (£5 million). This transaction follows TransferGo’s $50 million (£37 million at the time) Series C fundraise late last year.

The Look of Genesis

Genesis says the funding round was led by Tiger Global Management, with participation from Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners. The funding will be used to expand the Genesis platform and developer community.

Genesis offers a “buy-to-build” model, which allows IT teams to develop software applications, make systems integrations and customise third-party technology solutions. Its customers include Citi, ING, London Clearinghouse, Alliance Bernstein and B3.

“The rise of low-code development as a centerpiece of every IT stack is undeniable – the market is predicted to reach $21 billion [£15.4 billion] by 2022 – but what Genesis represents is clearly the next-generation of low code/no code path forward for the highly complex, highly regulated, and extremely valuable financial markets,” explains John Curtius, Partner at Tiger Global.

This year has been a good one as Genesis says it has tripled the size of the business and overall headcount.

It was founded in 2013. The tech firm also has offices in New York, Miami, São Paulo and Dublin.

Qumata Matters

Qumata (formerly HealthyHealth) was founded in 2017 and offers a machine learning and artificial intelligence (ML/AI) underwriting solution.

The tech firm has offices in London, Hong Kong, Shanghai, Tokyo and Singapore. Qumata is focused on underwriting for life and health insurers, and uses digital data to calculate the risk of diagnosis for over 800 conditions.

The latest funding included the addition of a new investor. A number of the firms participating in this round are extending their initial involvement with Qumata, including continued investment by MMC Ventures.

Luca Schnettler, Co-Founder and CEO of Qumata, states: “This extended funding will give us the ability to focus upon growth in both Asia and in the UK. We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer.”

TransferGo Eyes Wallets

TransferGo plans to use the funds to grow 5x in the next 3-4 years within a global remittance market estimated to be worth over $500 billion (£367.4 billion), according to the World Bank. It also intends to expand its product offering to go after the digital wallet sector.

The secondary transaction is led by Nordic Secondary Fund, and accompanied by Siena Secondary Fund. Together they will support TransferGo to scale its workforce, open new offices, launch new send and receive markets, and build new pay-out options.

TransferGo says it connects more than 3.5 million customers across 160 markets, and has had 80% year-on-year growth since its launch in 2012.

The money transfer company targets the migrant community, and has processed 13.5 million international and local transactions.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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