Citi announces strategic investment in UK startup Dextcloud
Dextcloud, an API “Low Code Application Platform” (LCAP) startup based in the UK, has received a strategic investment from Citi.
Dextcloud’s technology rapidly develops and deploys API and Event-driven business applications to streamline enterprise service creation and increase efficiency.
Dextcloud has started a pilot with Citi to accelerate the transformation of its Commercial Bank Digital Service offerings by increasing its agility to create customer experiences and help better leverage Citi’s core technology platforms. Dextcloud previously worked closely with Citi Innovation Labs in London to enhance their solution to meet Citi's operational and regulatory requirements, including on-premise deployment to allow a broader-range of use-cases to be addressed.
Citi’s investment in Dextcloud is a continuation of the firm’s strategic investments in Low Code technology providers that support its digitisation of manual-intensive tasks across the firm and increase speed to market.
Dextcloud provides companies with a Low Code framework to bring together pre-existing application components that are dispersed across a firm’s back-end, internal infrastructure. It simplifies access to data and applications spread across multiple platforms and geographies, enabling the automation of key business functions and allows companies to remain focused on their core business objectives and remain competitive.
Stuart Riley, Head of Institutional Clients Group Operations & Technology, Citi: “Citi’s investment in Dextcloud is an important step in our goal to continuously improve our client services. By working with Dextcloud, we are able to develop client-centric solutions at a quicker pace, lower the barriers for our colleagues to develop these solutions, and automate manual tasks that allow our developers to focus on higher valued projects.”
Manish Sharma, CEO and co-founder, Dextcloud: “Dextcloud is building an innovative platform which allows businesses to rapidly create digital services using Low Code methodology to increase efficiency and reduce risk. This is important especially in distributed and regulated enterprises like Citi. This strategic investment underlines Citi's commitment to backing new innovation and embracing Low Code and API-driven orchestration as a strategic initiative, and it provides an important launchpad for Dextcloud to grow and expand further into other large environments.”
With Citi’s investment, Dextcloud will be able to continue to build and enhance their products at a faster pace that will support adoption of the technology across the financial services industry.