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Citigroup invests in API platform for operational and regulatory requirements

Andrew Saks-McLeod, Head of Research and Analysis, ETX Capital

Are the banks once again learning from the non-bank fintech sector?

UK-based low code application startup Dextcloud has received an unspecified investment from Citi, the second such deal struck by the US bank in as many months.

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.

The firm has been working with Citi at its London innovation labs on a project to adapt its API platform to meet the bank’s operational and regulatory requirements. It has since initiated a pilot use case for Citi’s Commercial Bank Digital Service offerings.

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. In October, the bank took a stake in Genesis Global Technology in an effort to drive business workflow efficiencies across multiple business lines.

“Citi’s investment in Dextcloud is an important step in our goal to continuously improve our client services,” states Stuart Riley, head of Citi’s Institutional Clients Group Operations & Technology. “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.”

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