Wealth managers, investors, and high net worth people face an inconvenience. They invest their money in many pots, which means they have to deal with five to 15 financial institutions – including banks, brokers, and insurance companies.
But when these entities send over their statements and reports to the investor, they do so on paper or via PDF. According to Mesitis founder Tanmai Sharma, this process is highly inefficient.
To fix this, the startup announced today that it has raised US$2.35 million from undisclosed investors, including senior corporate executives and entrepreneurs. The money will go towards developing Canopy, an online service that aggregates financial data from many formats into an easy-to-view, highly visual form.
“A typical investor gets between 1000 to 3000 pages of paper a year. Canopy converts all of this ‘raw data’ into ‘information’ – typically a single chart or drawing, based on the subject your are looking for,” said Tanmai.
This latest round is on top of a US$3 million series A round it raised in June 2015, and another US$775,000 before that from founders and employees.
This article was first published in TechInAsia.com. click here to read.