Mesitis, a financial technology company focused on the wealth industry, today announced that it has closed US$ 3 million (SG$ 4.05 million) in Series A funding to accelerate the roll-out of its revolutionary automated account aggregation and portfolio visualization platform, Canopy.
The company will use the investment to ramp up the service, and fund overseas expansion to markets such as Hong Kong, Zurich, London and Dubai.
“The investment came entirely from individuals; the bulk from experienced startup investors including corporate CEOs and entrepreneurs who actually are Canopy customers, and the balance from employees. I consider this as a great vote of confidence in us,” said Tanmai Sharma, founder CEO of Mesitis, who found the company in 2013.
Canopy was launched in late 2014, and since then the company has been quick in acquiring customers. The platform now handles over SG$1.1bn in assets under reporting.
“Canopy’s ability to take data in any format including PDF statements has proved to be a strong aid in client onboarding. And we are keeping our customers happy with the reports, which is in the form of an interactive web app accessible from any electronic device including smartphones,” said Takeshi Yoshida, Chief Commercial Officer. “We recently launched alerts, where Canopy will notify users any large price movements in the assets that they own. This has been an immediate hit with customers.”
Mesitis offers Canopy to both high networth individuals and single family offices directly, and to wealth managers, multiple family offices, trust and fund administrators and private banks, who use the platform for their customers. “Account aggregation is a powerful customer acquisition and retention tool, and our institutional customers are experiencing that first hand,” said Sharma.
Mesitis is currently a team of 14 comprising of ex-bankers, with average 15-20 years industry experience, and software developers. The company is planning to make additional 8-10 hires in the coming months.