Mesitis nets clients with combined wealth of $4.2b in six months

Local online wealth management start-up Mesitis has found success just six months after it launched a pilot service to help wealthy clients keep track of their wealth.

Founder Tanmai Sharma said its account aggregation service, called Canopy, gives wealthy people here a regular report that gives them a sense of their financial holdings.

So far, 70 customers with a combined wealth of some US$3 billion (S$4.2 billion) have signed up for the service, said Mr Sharma.

The rise in the number of high- net-worth individuals in the Asia-Pacific has contributed to the site's early success, he said, noting that Mesitis did not market Canopy. Customers referred friends and contacts. Others found it while searching online for such a service.

Canopy's clients provide digitised account statements in the form of PDF reports - supplied by banks and financial institutions - to be consolidated, allowing the start-up's technology to automatically sieve out essential data.

"Customers then get an aggregated, single portfolio overview across all their accounts. This is generated as an electronic file and sent to customers. This way, our customers get to see their whole wealth and make sense of their financial holdings," said Mr Sharma. The alternative is to get a number of people to crunch the data, a tedious and time-consuming task.

Mesitis is among a growing group of about 100 financial technology start-ups in Singapore offering services, from online investments and robo-wealth management to payments and risk management.

A World Wealth Report last year noted that the Asia-Pacific overtook North America in 2014 to become the region with the largest population of high-net-worth individuals. The region has 4.69 million people with assets worth more than US$1 million and, collectively, they have assets worth US$15.8 trillion.

Mr Sharma said that as Asia- Pacific's economic performance continues to improve, wealth will grow. The rich will need account aggregation services as they often diversify assets across banks and asset classes. It is often hard for them to track their total financial holdings, hence they cannot make timely and accurate investment decisions.

Mr Sharma said the Canopy service would be more appealing to younger and more tech-savvy people in the region as they are more likely to use technology to manage their investments.

The start-up now has more than 30 employees, mostly software developers. It is hiring more staff for sales and marketing.

A version of this article appeared in the print edition of The Straits Times on March 04, 2016, with the headline 'Mesitis nets clients with combined wealth of $4.2b in six months'. Subscribe