Singapore startup helps the wealthy visualize their wealth, raises $2.35m
By Terence Lee for tech In Asia
Wealth managers, investors, and high net worth people face an inconvenience. They invest their money in many pots, which means they have to deal with five to 15 financial institutions – including banks, brokers, and insurance companies.
But when these entities send over their statements and reports to the investor, they do so on paper or via PDF. According to Mesitis founder Tanmai Sharma, this process is highly inefficient.
To fix this, the startup announced today that it has raised US$2.35 million from undisclosed investors, including senior corporate executives and entrepreneurs. The money will go towards developing Canopy, an online service that aggregates financial data from many formats into an easy-to-view, highly visual form.
“A typical investor gets between 1000 to 3000 pages of paper a year. Canopy converts all of this ‘raw data’ into ‘information’ – typically a single chart or drawing, based on the subject your are looking for,” said Tanmai.
This latest round is on top of a US$3 million series A round it raised in June 2015, and another US$775,000 before that from founders and employees.
On Canopy, users can uncover information like changes in their net worth, realized and unrealized profits, and more. The startup even promises to collect insights on the users’ investment strategy, helping them to identify what has work or not. On the security front, it promises that no client-identifying data is stored on the website.
The startup’s customers include high net worth individuals, wealth managers, and family offices. It told The Straits Times in March 2016 that it had 70 customers aggregating some US$3 billion in wealth (up from US$1 billion in June 2015). The service costs US$299 per month.
Mesitis declined to reveal it’s current user figures and growth rate.
Canopy launched into private beta in late 2014, and will continue in that state until Q3 this year, says the startup.
First appeared at tech in Asia