HOMEGROWN fintech (financial technology) startup Mesitis, whose product Canopy is a personal financial data aggregation platform for high net worth individuals, has bagged US$3 million in Series A funding.
The money will be used to ramp up the service and expand to other markets such as Hong Kong, Zurich, London and Dubai, said its chief commercial officer Takeshi Yoshida. "We currently have over S$1 billion in assets under reporting; all of our end-users have either directly signed up with us or subscribed to us through their wealth managers," he told BT.
Canopy costs US$299 a month for an individual to have his financial data across all bank and financial accounts reported on a single portfolio view. It is powered by a "breakthrough technology" that can automatically read, interpret, sort and aggregate data off PDF statements, and is designed to aggregate wealth beyond stocks and bonds to account for insurance products, real estate and even luxury goods, said Mr Yoshida.
"The wealth management industry is about providing good analysis and advice to investors. But until now, wealth advisers have been able to provide analysis and advice to customers only on a small slice of the customer's portfolio. The whole picture, is what that matters."
Mesitis, founded by a group of former bankers, including Mr Yoshida, allows them to "take a fresh view of the decades-old wealth industry", he said.
Meanwhile, another homegrown startup is looking to disrupt the banking and finance market. Call Levels - whose app lets users set price alerts for 930 currency pairs; 13 commodities such as gold, silver and oil; nine indices; and more than 500 US equities - is said to have launched the world's first real-time investment alert app for Apple Watch. Founded last September, Call Levels has since garnered some 6,000 app downloads on Android and IOS, and seen over 20,000 price alerts created.
Said co-founder Daniel Chia: "Call Levels do the hard part of watching the markets so our users can have peace of mind." That it offers this premium "market assistant" technology - previously available only to large financial institutions - to the average consumer for free makes it a "disruptive" play, he said.
Unlike its rivals, Call Levels gets its prices on assets directly from the exchanges, cleans the data and ensures its quality independently from other banks and brokerages, Mr Chia added. Most recently, the app added social media functions so users can share investment views with peers, track the same assets and get alerted together in real-time.
Markus Gnirck, co-founder of Startupbootcamp FinTech, said that Call Levels and Mesitis offer a more efficient way of handling processes and big data, but stop short at being "disruptive".
"Disruption is a big word, and disruption in fintech doesn't happen overnight. We see a lot of innovation happening, but at this point, it is about creating a better customer experience, and not about disruption. Existing fintech startups are not taking away big businesses from the banks, just small pieces of the big cake."
A startup, he added, becomes "disruptive" when it owns an entire ecosystem where the customer normally interacts with the bank. "Alipay, for instance, offers on its platform every product - from loans, payments to insurance - that a bank would normally offer their customers."