Citi has made a strategic investment in Dextcloud, a UK API low code application platform (LCAP) startup.

Citi’s support 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.

Dextcloud said its technology rapidly develops and deploys API and event-driven business applications to streamline enterprise service creation and increase efficiency.

The startup has begun a pilot with Citi to accelerate the transformation of its commercial bank digital service offerings, to “increase agility and better leverage Citi’s core technology platforms”.

Dextcloud previously worked closely with Citi Innovation Labs in London to enhance the bank's solution to meet 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 an important step in our goal to continuously improve our client services,” said Stuart Riley, head of Citi’s institutional clients group operations and 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-value projects.”

Manish Sharma, chief executive and co-founder of Dextcloud, added: “We allow businesses to rapidly create digital services using low code to increase efficiency and reduce risk. This is important especially in distributed and regulated enterprises like Citi."

He added: “This investment underlines Citi's commitment to backing new innovation and embracing low code and API-driven orchestration as a strategic initiative, and it provides a launchpad for Dextcloud to grow and expand further into other large environments.”

Dextcloud operates globally, currently supporting customers in FinTech and retail, as well as medium to large-sized organisations looking to enhance developer productivity.

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