Mesitis, a company with robo-advisors, uses information technology to offer investment management services. A robo-advisor is an allocation asset program that considers risk preferences. Tracking financial holdings can be overwhelming sometimes. This program allows wealthy individuals to manage their assets. Also, this program will allow rich individuals to obtain investment advice online at lower prices. This Singapore-based program is designed to advise people who hold assets worth $1 million and more. As a fee, the algorithm charges clients 30 basis point on assets. Compared to private bank, the program is more affordable for similar services.
Mesitis is an online wealth management startup that allows wealthy individuals to keep track of their assets anywhere, at all times. It affords wealthy individuals to gain access to regular reports about their financial holdings. The company’s success is attributed to a large number of high-net-worth individuals emerging in Asia-pacific making it a fast growing technology startup in Singapore. Mesitis offers online investments and robo-wealth management, risk management and payments. Their main areas are statement consolidation, investing, analysis, asset management, proprietary trading and asset allocation.
The canopy program aggregates all financial data across markets, banks, currencies and asset classes. It covers family offices and wealth managers. According to the CEO, Mr. Sharma, robo-advisors use computer programs to offer advice on investments online. Clients are provided with account statements in PDF. This information from financial institutions is used by Mesitis to sort out important details. As a result, customers obtain a combined overview of their accounts. Individuals can make sense of their financial holdings at a glimpse.
The PDF document is converted into an electronic format that can be analyzed account by account or by the combination. Individuals can be able to see their net worth move for the year, realized and unrealized profits, purchases and sales, dividends earned and more. The canopy program takes this information and draws insights into viable strategies and models of investment. Analytical information is kept at a secure website while individuals receive alerts periodically.
About the Founder
Mesitis was founded by Mr. Tanmai Sharma in 2013 after pursuing a career at Deutsche Bank for 15 years. He has the experience of helping wealthy individuals keep track of their investments.
The canopy program is expected to benefit many young and savvy tech individuals who are likely to use information technology to track their investments. Software, sales and marketing employees are being recruited every day. It’s a fast-growing program with many referrals and searches online.
Zurich-based Credit Suisse has entered into a partnership with Singapore-based fintech company Mesitis to provide its clients access to «Canopy»
The bank is also rolling out the front-to-back automated digital client on-boarding application, which it claims will enhance efficiency in the on-boarding of new clients.
The new partnership with Mesitis will enable the bank’s Singapore-domiciled clients who have accounts with Credit Suisse in Singapore to participate in a pilot program to gain access to Mesitis’ account aggregation service.
More Efficient Private Bankers
Canopy lets clients aggregate their bankable and non-bankable assets across different geographies and asset classes. It also provides analytics and insights for wealthy clients.
«Digital client on-boarding is a key initiative which will ultimately enhance a new client’s experience with Credit Suisse as well as the efficiency of our relationship managers who can focus more on servicing clients’ financial needs,» said Christian Huber, operating chief of Credit Suisse’s private bank in Asia.
Mesitis Raises US$2.35M in Venture Capital Funding
This round was led by an existing investor with participation from two senior members of the Mesitis management team.
The company intends to use the funds to invest in people and technology.
Led by Tanmai Sharma, founder and CEO, Mesitis provides Canopy, an account aggregation and portfolio visualization product, which comes out of closed beta in the third quarter of the year.
Canopy, which aggregates financial data across all banks, markets, currencies and asset classes for an individual into a single portfolio, has more than US$ 3.2 billion of assets under reporting. Customers includes high net worth individuals, wealth managers and family offices based in Singapore, Hong Kong, Switzerland and the United Kingdom.
In addition to the funding, Mesitis has also announced that Chandrima Das – former Managing Director and Head of Managed Products Sales at Bank of Singapore – will run its technology-led investment and wealth advisory business. The company’s subsidiary Mesitis Capital Pte Ltd is a fund management company registered with the Monetary Authority of Singapore.