Aquilance, which provides personal financial management for ultra-high-net-worth families and family offices, has raised $16 million in funding from Ten Coves Capital, a fintech-focused private equity firm that was an early investor in Bill.com. It represents the first institutional capital raise in Aquilance’s 39-year history.
Aquilance rebranded in 2021 from its original name, My Accountant. At that time, it also went through a recapitalization, executed with a group of private individual investors, including some of the firm’s customers. My Accountant was founded in 1987 by Bill Farren and Norb Janis as an outsourced bill pay and accounting firm.
Over the last couple of years, Aquilance has been expanding its C-Suite to bring in executives with experience in both wealthtech and banking and payment sectors. In June 2024, the company hired John Carey, the former head of consumer experiences for Envestnet, as CEO. Carey took over for Kenneth Eyler, who moved to Cresset as managing director of family office services.
Kevin Reed, former global head of channels and partnerships at Morningstar, came on board in October 2024 as the company’s first chief revenue officer. Reed took responsibility for the branding, marketing and education of financial advisors, as well as getting advisors to refer the service more proactively.
Craig Setera, a former vice president of engineering at Envestnet, also joined Aquilance in 2024 as its first chief technology officer. Setera has built a more scalable tech platform that allows the company to go down market. Historically, Aquilance’s average client had about $100 million in net worth. It now describes its clients as those with $10 million or more in assets.
While the company’s customers are primarily ultra-high-net-worth individuals, a significant portion of its business is referred by financial advisors at wirehouses, RIAs and multi-family offices. Aquilance works through its advisors to assist with bookkeeping, bill pay, investment and entity accounting.
“What we are really good at is taking and verticalizing a Bill.com-like service for an advisor and their ultra-high-net-worth and high-net-worth individual clients to basically bring infrastructure to the financial advisor and their clients so that they can feel like they have a high-net-worth money movement bill payment service like a mobile banking app would have,” Carey said in an interview with Wealth Management.
“We serve as an extension of the advisor’s team to handle all of these financial administration challenges for the end client,” Reed said. “And that could be paying their bills, but it could also just be giving them clarity around their reporting, where their money’s going at the end of the month, at the end of the quarter, at the end of the year, and then kind of engaging with their tax accountant as well.”
Carey said the funding will be used to accelerate the platform’s buildout and bring on more developers to do so. It will also be used to expand its go-to-market strategy, which was traditionally through referral networks of over 25 large financial institutions. The company will now focus on bringing the platform to the home offices of large RIAs, so that these capabilities become part of the service model.
“These ultra-high-net-worth clients are the prize possessions for these firms, and we’re there to actually both win those businesses, those clients with them, but also support them longer term so they can actually focus on their business and advice, not on servicing the administrative needs of a wealthy family,” Carey said.
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