Aquiline to take control of Flourish

Aquiline Capital Partners is acquiring a controlling interest in Flourish, a wealthtech platform that MassMutual acquired from Stone Ridge in 2021 for $6 million. MassMutual will retain a significant stake.

Founded in 2017, New York-based Flourish has around 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 weren’t disclosed. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval.

The deal marks another retreat from a fintech bet for MassMutual. The insurer launched Haven Life in 2015 and began winding it down in 2023, less than a decade later, citing limited consumer adoption and high customer-acquisition costs. It also folded Haven Technologies into the broader company at the end of 2024.

The difference is that MassMutual is still along for the ride while letting someone else drive. Paul LaPiana, head of brand, product and affiliated distribution at MassMutual, said Aquiline’s investment, combined with MassMutual’s “continued support and ownership,” will position Flourish for long-term success.