Aquilance Receives $16M Investment From Private Equity Firm Ten Coves

Aquilance recently secured a 16 million dollar investment from Ten Coves Capital. This transaction marks the first institutional capital raise in the history of the firm which has operated for nearly four decades. Based in Connecticut, the company provides personal financial management and administrative services specifically designed for ultra high net worth families and family offices. Originally founded as My Accountant in 1987, the firm rebranded in 2021 to reflect its evolving mission within the wealth management landscape.

The capital infusion follows a series of strategic leadership hires aimed at scaling the company’s technological capabilities and market reach. CEO John Carey, formerly of Envestnet, leads a team of executives with backgrounds in banking and wealthtech. These leaders are focused on building a more scalable infrastructure to move down market. While the firm previously served clients with a net worth averaging 100 million dollars, it is now targeting individuals with assets starting at 10 million dollars through partnerships with large financial institutions and registered investment advisors.

This development aligns with the growing trend of family office as a service where technology is used to deliver high touch administrative support to a broader segment of wealthy individuals. Aquilance intends to use the funding to accelerate platform development and expand its go to market strategy within the home offices of large RIAs. By automating bill pay and accounting, the platform allows advisors to focus on core financial advice while providing clients with a verticalized money movement experience. This move strengthens the integration between administrative services and the broader WealthTech ecosystem.

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