Aquilance, a technology-enabled provider of personal financial administration services for wealthy families and their advisors, has secured a $16 million strategic growth investment led by Ten Coves Capital as it looks to scale demand for “unbundled” family office-style services across wealth management firms, RIAs, and trust companies.
The company said the new capital will be used to strengthen its core capabilities in bookkeeping, bill payment, and multi-entity accounting, while also deepening integrations with enterprise wealth platforms and expanding national delivery capacity. Aquilance positions itself as operating infrastructure for high-net-worth and ultra-high-net-worth households, supporting more than 300 families and working in close partnership with their advisory teams.
As affluent clients increasingly expect family office-level support for day-to-day financial operations—such as bill pay, personal bookkeeping, entity accounting, document management, and consolidated reporting—many advisory firms have struggled to deliver those services at scale using internal staff and legacy processes. Aquilance said it addresses that gap by acting as an extension of the advisor’s team, combining automation with expert oversight to produce clean financial data and operational support that can be shared across a client’s broader network of financial, legal, and tax professionals.
Ten Coves Capital said it views Aquilance as a modern infrastructure layer for a historically underserved segment of wealth management, where household complexity can resemble a business—often involving multiple residences, entities, and accounts—without the standardized workflows and tooling common in corporate finance. The firm also pointed to its history backing vertical financial software, including its early investment in Bill.com, as part of the rationale for supporting Aquilance’s efforts to modernize high-touch bill payment and administration in the wealth channel.
Aquilance was founded in 1987 and is headquartered in Trumbull, Connecticut. The company said it will use the investment to accelerate development of its next-generation platform and to expand support for enterprise partners seeking to offer family office-style services profitably and compliantly without building a full in-house operation.
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“With a rich history and decades of human experience, we’re building the next generation of operational infrastructure that financial advisors need to serve the day-to-day financial needs of their best clients. 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.” “Aquilance fills this need by acting as a true extension of the advisor’s team, combining automation with expert oversight to handle the full spectrum of personal financial administration for their most complex clients.”
John Carey, Chief Executive Officer, Aquilance
“Aquilance is solving a critical, but historically underserved opportunity set in wealth management. 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.”
Ned May, Managing Partner, Ten Coves Capital
