Covercy

Covercy

Score 9.3 out of 10
Covercy

Overview

What is Covercy?

Covercy is a Banking-Embedded Investment Management Platform built for commercial real estate investment firms. It offers automated distribution & capital call payment processing, an Investor Portal, and APY yielding checking accounts.
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Recent Reviews

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Reviewer Pros & Cons

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Pricing

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Entry-level set up fee?

  • No setup fee
For the latest information on pricing, visithttps://www.covercy.com/pricing

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting / Integration Services

Starting price (does not include set up fee)

  • $100 per month
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Product Demos

Introducing Covercy GP - Turn your investment lifecycle and workflow more efficient
03:14
Covercy - currency crossing borders
01:01
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Product Details

What is Covercy?

Covercy is a Banking-Embedded Investment Management Platform built for commercial real estate investment firms. It offers automated distribution & capital call payment processing, an Investor Portal, and APY yielding checking accounts.

Covercy Videos

Introducing Covercy GP - Driving investment lifecycle and workflow efficiency
Covercy - currency crossing borders

Covercy Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

 (3)

Reviews

(1-3 of 3)
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July 25, 2022

Recent Covercy user

Score 8 out of 10
Vetted Review
Verified User
Covercy was used to make international money deposits from Israel to other western countries, including the UK, France, Germany, and the United States. Covercy was a pretty slick online application that showed how much any transaction would cost, including up to date currency exchange rates and fees.
  • The website is very easy to use and visually appealing
  • Covercy showed how much the same transaction would cost on other applications
  • Covercy's transaction tracker was easy to use
  • I would've liked Covercy to be able to move money from the US to Israel
  • Covercy's customer service was a bit slow
  • Covercy required a lot of documentation uploading to get started and it was confusing
Covercy was well suited to move funds from Israel to other western countries' bank accounts. When we needed to move funds quickly, we could link Israeli bank accounts, move the funds, and incur minimal transaction and administrative fees.
  • International money transfer
  • Low administrative fees
  • Transaction tracker
  • Low transaction costs
  • Easy to engage with foreign employees
Covery seemed to have the lowest administrative fees and is one of the only companies that allows transfers originating in Israel to western countries.
Score 10 out of 10
Vetted Review
Verified User
I first started using Covercy as I was wasting too much time on back office / admin work for my fund, and wanted to focus more on doing deals and creating value to my investors.

Currently Covercy is utilized in my company for the following:
+ Investor management - Covercy provides an easy and friendly cloud base platform in which all updates and information is available to the investors online
+ Distributions of funds is done through the Covercy platform, instead of sending each investor a wire, we send the entire amount to our escrow with Covercy and the system automatically distribute it to each investor to the account and currency of their choice
+ Bank accounts (Covercy allows us to setup and manage banking for our properties within it's platform)
  • One click distributions for our investors.
  • Interactive investor portal which is easy to use and mobile friendly for our investors.
  • Online repository of investment documents that is accessible to all investors at any time.
  • -
  • -
I believe that any small to medium size real investment firm could benefit from using Covercy as it reduces headcount and helps to streamline lots of back-office tasks. Probably for big firms those functions are fully staffed so they can do that in-house.
  • One click distributions
  • Investor portal
  • Banking
  • Increased investor satisfaction and communication significantly.
  • Reduced time spent by management for admin/back office work.
  • Increased security around money transfers.
  • Allowed self-serve functionality to investors.
I believe that Covercy is the only solution that is currently allowing Real Estate firms to distribute funds to their investors directly through the platform. Also, both other solutions are pretty expensive compared to the reasonable pricing that Covercy has in place (function of a number of properties rather than AuM or other methods).
Score 10 out of 10
Vetted Review
Verified User
We use Covercy as an investor portal for our private real estate fund investors. It allows them to see their personal investment in our private fund, as well as all the assets held within the fund. We also utilize it for outside investors who invest in individual assets alongside the fund, but who are not invested in the fund itself. It allows us to distribute quarterly reports within minutes to all investors, send distributions directly to client bank accounts (we used to mail checks), and post information about current and new investments along with updated photos on development projects.
  • Distributions to clients are easy and straightforward
  • Customer service is quick to respond
  • Updating and adding new assets is very easy
  • Return information is set within hard parameters, we can't show investors their return growth after our year-end NAV update.
  • You can't distribute new reports to individual investors or specific clusters of investors.
Distributions to investors have become much easier for us with the direct deposit feature. Capital calls will be much easier once they roll out the capital call feature. Quarterly report distributions are much easier for us. We update our NAV at the end of each year but unfortunately cannot show investors their return growth from the NAV update. Instead, it shows the NAV as invested capital, which affects return metrics.
  • Direct deposit
  • Report distribution
  • Investor capital information - how much was put in, distributed, etc.
  • The ROI I can provide is for time management. It saves us at least 2 days' worth of work each quarter on capital distributions alone, and at least 30 minutes on each report distribution. Not to mention the amount of time it saves us on fielding client questions regarding their capital because they can just log in and see everything on their portal.
I don't remember the names of the other products we looked at, but Covercy was much more cost-effective than the other 3-4 products we demoed and offered a more holistic service.
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