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Aquiline to take control of Flourish in wealthtech deal
Flourish, which serves RIA firms with cash-management and home-lending products, manages more than $8 billion in assets under custody.
Aquiline Capital Partners is acquiring a controlling interest in Flourish, a wealthtech platform that MassMutual acquired from Stone Ridge in 2021 for $6 million, with MassMutual expected to keep a significant stake.
Flourish, founded in 2017 and based in New York, has about 224 employees and provides cash-management and home-lending products through more than 1,300 registered investment advisory firms representing over $2.6 trillion in assets under management. Its cash platform holds more than $8 billion in assets under custody, up from $1 billion five years ago.
David Canter, former head of Fidelity’s RIA and Family Office segments, will join Flourish as executive chairman. Financial terms were not disclosed, and the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval.
The deal continues MassMutual’s retrenchment from earlier fintech investments, as it began winding down Haven Life in 2023 due to limited consumer adoption and high customer-acquisition costs, and it folded Haven Technologies into the broader company at the end of 2024. MassMutual said Aquiline’s investment, paired with its continued support and ownership, will help position Flourish for long-term success.