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

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Aquilance, which provides idiosyncratic fiscal absorption for ultra-high-net-worth families and household offices, has raised $16 cardinal successful backing from Ten Coves Capital, a fintech-focused backstage equity steadfast that was an aboriginal capitalist in Bill.com. It represents the archetypal organization superior rise successful Aquilance’s 39-year history.

Aquilance rebranded successful 2021 from its archetypal name, My Accountant. At that time, it besides went done a recapitalization, executed with a radical of backstage idiosyncratic investors, including immoderate of the firm’s customers. My Accountant was founded successful 1987 by Bill Farren and Norb Janis as an outsourced measure wage and accounting firm.

Over the past mates of years, Aquilance has been expanding its C-Suite to bring successful executives with acquisition successful some wealthtech and banking and outgo sectors. In June 2024, the institution hired John Carey, the erstwhile caput of user experiences for Envestnet, arsenic CEO. Carey took implicit for Kenneth Eyler, who moved to Cresset arsenic managing manager of household bureau services. 

Kevin Reed, erstwhile planetary caput of channels and partnerships astatine Morningstar, came connected committee successful October 2024 arsenic the company’s archetypal main gross officer. Reed took work for the branding, selling and acquisition of fiscal advisors, arsenic good arsenic getting advisors to notation the work much proactively.

Craig Setera, a erstwhile vice president of engineering astatine Envestnet, besides joined Aquilance successful 2024 arsenic its archetypal main exertion officer. Setera has built a much scalable tech level that allows the institution to spell down market. Historically, Aquilance’s mean lawsuit had astir $100 cardinal successful nett worth. It present describes its clients arsenic those with $10 cardinal oregon much successful assets.

While the company’s customers are chiefly ultra-high-net-worth individuals, a important information of its concern is referred by fiscal advisors astatine wirehouses, RIAs and multi-family offices. Aquilance works done its advisors to assistance with bookkeeping, measure pay, concern and entity accounting.

“What we are truly bully astatine is taking and verticalizing a Bill.com-like work for an advisor and their ultra-high-net-worth and high-net-worth idiosyncratic clients to fundamentally bring infrastructure to the fiscal advisor and their clients truthful that they tin consciousness similar they person a high-net-worth wealth question measure outgo work similar a mobile banking app would have,” Carey said successful an interrogation with Wealth Management.