Singapore wealth management app creator raises $3M in series A round

Singapore-based fintech company Mesitis announced today that it has raised US$3 million in a series A funding round. The investment came entirely from private parties, with the majority being “private investors comprising former and current corporate CEOs/chairpersons and entrepreneurs from Southeast Asia,” who are also its customers, according to Nilanshuk Haldar, the company’s chief product officer.

Three Mesitis team members also participated in the round, on the same terms as the other investors. “Ι consider this as a great vote of confidence in us,” Tanmai Sharma, founder and CEO of Mesitis, said in a statement.

Mesitis is the maker of Canopy, a wealth management app that aggregates financial data from multiple banks, currencies, and asset types into a single portfolio. The company says the app doesn’t require a direct company feed, and it can handle data from any source, including statements in PDF form. According to Mesitis, the platform is anonymous and does not store its customers’ personal information for added security and privacy.

Expanding the offering

Canopy was launched in late 2014, and Mesitis claims the service currently handles over S$1.1 billion (US$816 million) in assets. It is accessible via web, and recent additions include alerts that notify the user of significant price changes in their assets. This latest feature was an “immediate hit” with customers according to a statement by Takeshi Yoshida, Mesitis’ chief commercial officer.

The funding will allow Mesitis to broaden its service and expand to new territories such as Hong Kong, Zurich, London, and Dubai. “Canopy aims to equip individual investors with a decision support system where they can aggregate, analyze and understand their entire investment portfolio,” Haldar tells Tech in Asia. “This, in turn, will make them better, more aware investors.”

The company currently focuses on high net-worth individuals (HNWIs) in Singapore, either by reaching out to them directly or through advisors such as wealth managers. This will be expanded to the aforementioned territories, while at the same time the company aims to broaden its reach in Singapore to include mass affluent investors, who have different investment priorities than HNWIs, says Haldar.

It is also planning to add 10 new hires in the coming months, increasing its current team of 14. The new hires will by and large be software developers who will join the engineering team, while the rest will be sales, marketing, and customer success personnel, the company says.