Aquilance has raised $16 million from Ten Coves Capital—its first institutional funding in nearly four decades. Ten Coves is best known as an early backer of Bill.com.
Originally founded in 1987 as My Accountant, Aquilance handles the unglamorous but essential work of bill pay, bookkeeping, and accounting for wealthy families and family offices. Since rebranding in 2021, the firm has brought in a new leadership team from Envestnet and Morningstar, rebuilt its technology, and widened its focus from $100m+ households to families with $10m+ in assets.
The fresh capital will fund faster product development and a bigger push into RIA home offices, positioning Aquilance as the behind-the-scenes financial operations layer for advisors and their clients.
FOTechHub take
Bill pay and financial administration have long been messy, manual, and risky—work advisors don’t want to own, but clients still expect handled seamlessly. As RIAs step back from money movement due to liability and operational burden, a gap has opened between advice and execution.
Aquilance’s raise points to a broader shift. Institutional capital is moving into this once-overlooked layer of the family office stack, and as firms increasingly serve $10m+ families, how financial admin is delivered—and who takes responsibility for it—is becoming a strategic decision, not a back-office detail.