Aquilance Secures $16 Million Investment for Enhanced Family Office Solutions

Aquilance, a technology-driven provider of personal financial administration services, has announced a significant growth investment amounting to $16 million, led by Ten Coves Capital. This injection of capital marks a pivotal step in meeting the rising demand from financial advisors and high-net-worth clients seeking more sophisticated financial services.

Founded in 1987 and having served the affluent for nearly four decades, Aquilance positions itself as a trusted partner for wealthy families and their advisors, offering a suite of services tailored to meet the complex financial needs of high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. The company plans to use this investment to enhance its capabilities in bookkeeping, bill payment, and multi-entity accounting—all critical components in delivering family office-style solutions that are becoming increasingly in demand.

With approximately 300 HNW/UHNW families currently relying on its services, Aquilance stands out as an essential resource for wealth management firms. Financial advisors often find themselves challenged by the complexities involved in delivering comprehensive family office services in a scalable and compliant manner. Aquilance addresses these challenges head-on, offering what they describe as "white-glove" service that integrates seamlessly with the advisors' existing operations.

John Carey, the CEO of Aquilance, emphasized the gap in the current offerings for financial advisors, stating, "Advisors have historically had limited options to provide bookkeeping and bill payment services and have either attempted to do these things off the side of their desk or referred clients to expensive accounting firms or local bookkeepers. None of these are good options for the client or the advisor." By acting as an extension of the advisors' support team, Aquilance provides an automated solution combined with expert oversight tailored to meet complex financial needs.

Ten Coves Capital brings significant investment expertise into the mix, having a track record of enhancing vertical financial software companies that aim to modernize outdated business workflows. Their experience with platforms like Bill.com, which revolutionized business bill payment solutions, underlines their confidence in Aquilance to effect similar transformation within the wealth management sector.

Ned May, Managing Partner at Ten Coves Capital, expressed the importance of addressing the often-overshadowed opportunities in wealth management, stating, "High-net-worth families don't operate like businesses, yet their financial lives are just as complex. Aquilance is purpose-built to handle that complexity and provide advisors with a scalable, tech-enabled solution to deliver unbundled family office services to their clients. We see Aquilance becoming the go-to operational platform for wealth management firms looking to profitably serve this growing demand."

The investment will enable Aquilance to accelerate product development, expand its national reach, and establish itself firmly as the partner of choice for wealth management firms eager to modernize personal financial administration.

About Aquilance

Aquilance provides technology-enabled personal financial administration for affluent families and their advisors. By combining advanced automation with expert oversight, they manage the intricate financial lives of their clients, which include bill payment, personal bookkeeping, multi-entity partnership accounting, document management, and consolidated financial reporting. Serving hundreds of families nationwide, Aquilance functions as an operational extension of wealth advisors, delivering the timely and accurate data necessary for smart decision-making and effective legacy planning. Headquartered in Trumbull, Connecticut, Aquilance's impact extends throughout the United States.

About Ten Coves Capital

Ten Coves Capital focuses on high-growth companies within the FinTech ecosystem, leveraging its extensive experience to accelerate growth and create value. Their portfolio spans various sectors, including payments, banking, lending, asset management, capital markets, and insurance. The team has played a critical role in scaling up over 40 companies, each solving unique industry challenges and enabling sophisticated financing solutions for both large financial institutions and small to medium-sized businesses.