Mesitis provides low-cost aggregated wealth reporting for all investors.
When veteran banker Tanmai Sharma retired, he had been looking forward to trading his own cash and then spending the rest of the day in leisure.
But he soon discovered that individual investors like himself severely lacked the tools for efficient wealth management.
“There is a strong need from high-net-worth individuals and their wealth manager for account aggregation; the ability to see an accurate picture of one’s whole wealth across asset classes, currencies and most importantly, across banks,” he said.
The need to provide efficient account aggregation services jolted Sharma out of retirement and led him to establish Mesitis, a financial technology startup that provides Canopy, an automated account aggregation and portfolio visualization platform.
Aggregated account reporting for all
Sharma shared that while a small number of private banks and wealth managers currently offer account aggregation services, reports are usually generated by a slow and expensive back-office manual process and the service typically reserved for their top clients.
“This became a mission for Mesitis: to make aggregated account reporting available to all individual investors - fast, accurately and at a low cost,” he said.
Canopy automatically extracts data from any number of bank or financial account statements in PDF, CSV or other electronic format, and processes the information into an elegant, visually appealing report via a web browser.
The web report comes with a full suite of analytics, and they offer the service for a game changer low cost of US$299/month flat.
Staffed by veterans
Mesitis is staffed by highly-experienced ex-bankers and software developers. Its founder Sharma has 20 years of experience working with all major banks and financial institutions in the world, while its team of ex-bankers have over 75 years combined knowledge of various aspects of the financial industry.
Sharma started the business with his own funds on May 2013 in Singapore. The startup is in the process of closing its Series A funding with individuals investors who are either current or potential customers.
Canopy is currently used not only by individual wealth customers but also by wealth managers.
“We have been limiting our client reach to within Asia due to capacity issues, but we plan roll-out our product offering to industry customers in Europe and the Middle East as well within this year,” Sharma said.
Company Name: Mesitis Pte. Ltd.
Founders: Tanmai Sharma
Website: www.mesitis.com / www.canopy.sg
Total Funding at hand: Undisclosed
Source of funding: Founders' own cash + Series A investors
Major investors: Investors are current or potential customers
Start of operation: May 2013
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