Aquilance Secures $16 Million to Scale Family Office Infrastructure for Wealth Managers

New updates have been reported about Aquilance.

Aquilance has raised $16 million in growth capital led by Ten Coves Capital to accelerate its role as a core operating platform for wealth managers serving high- and ultra-high-net-worth families. The Connecticut-based firm, which has operated for 39 years, plans to use the funding to enhance its bookkeeping, bill payment, and multi-entity accounting capabilities; deepen technology integrations with large enterprise wealth management firms, RIAs, and trust companies; and expand national delivery for $10 million-plus clients. Aquilance currently supports more than 300 affluent families and works closely with their financial, legal, and tax advisors, positioning itself as outsourced infrastructure that enables advisors to offer family office-style services in a scalable, compliant way without building these capabilities internally. CEO John Carey said the firm is building “the next generation of operational infrastructure” for advisors who have historically struggled to provide bill pay and bookkeeping, often relying on ad-hoc internal efforts or costly third-party options that do not scale well.

Ten Coves Capital, which has a track record investing in vertical financial software and was an early backer of Bill.com, views Aquilance as a similar category-defining platform for the wealth management market. Managing Partner Ned May highlighted that Aquilance is purpose-built for the complexity of high-net-worth families—multiple entities, residences, and accounts—providing advisors with a tech-enabled solution to deliver unbundled family office services profitably. The new capital is expected to accelerate Aquilance’s product roadmap, strengthen its integrations with enterprise partners, and solidify its positioning as the go-to operational partner for firms seeking to modernize personal financial administration. Strategically, this funding round supports Aquilance’s push to capture surging demand from advisors under pressure to deepen wallet share and improve service for their top clients, while creating potential long-term upside in recurring revenue and platform scalability as wealth managers increasingly outsource non-core administrative functions.