- Canopy is a key product of Mesitis, a Singapore-based financial technology solutions company focused on the wealth industry.
- It collates financial data across all banks and asset classes into a single portfolio for an individual and their wealth managers. It does so by extracting data from users’ financial statements anonymously.
- Canopy is offered to both consumers (high net-worth individuals) and businesses (single / multiple family offices, wealth managers, trust and fund administrators and private banks, who use the platform for better customer acquisition and retention)
- Currently offered in Singapore, Mesitis plans to expand Canopy’s geographical footprint to other countries including Hong Kong, Zurich, London and Dubai.
Wealthy individuals typically have multiple financial accounts with different institutions, creating a need for these individuals and their wealth managers for account aggregation, which gives them the ability to see an accurate picture of one’s whole wealth across asset classes, currencies and institutions. The problem is that each bank statement is unique in format, and aggregating them into one report is no easy feat. Although a small number of private banks and wealth managers offer account aggregation services, these tend to be expensive and take a longer time for report generation due to the manual back-office processes.
Canopy targets the need for account aggregation by being:
- Automatic: Canopy automatically extracts and aggregates data from users’ financial statements in PDF, CSV or other digital format, without the need for direct data feed from banks.
- Affordable: Users are charged US$299 per month for any number of statements to be aggregated.
- Anonymous: Customers have an extra level of data privacy and security, as personal information such as names and addresses are not required nor stored in Canopy’s system.
- Accessible: The analytics reports are in the form of an interactive web application accessible from any browser-enabled computer, tablet or smartphone.
- Accurate: Canopy uses algorithmic data processing and is typically accurate to the cent.
How it works
Presentation of Canopy by Mesitis CEO Tanmai Sharma:
- Current Users: 65 users, consisting of high net worth individuals and institutional clients such as wealth managers in Singapore.
- Assets under reporting: >US$1billion
- Funding: Mesitis raised US$3million in a series A funding round in June 2015.