Private investment firm Aquiline Capital Partners has agreed to buy a controlling stake in wealth management technology platform Flourish from MassMutual, which will retain a "significant" stake in Flourish, the companies said Wednesday.

Flourish provides registered investment advisors with a cash management and lending platform, enabling them to offer banking-type services to their clients. Flourish, which was founded in 2017, says it works with more than 1,300 RIA firms representing over $2.6 trillion in assets under management. Flourish's clients include large wealth management firms such as Focus Financial Partners, Carson Group, and Mariner Wealth Advisors.

Flourish said the transaction, terms of which weren't disclosed, is expected to close in the fourth quarter and is subject to regulatory approvals.

Max Lane, CEO of Flourish, says in a statement that Flourish can pursue additional growth with Aquiline's support. "Flourish was built on a single insight: identify where clients' financial lives spill outside the traditional advisory relationship and help advisors grow by bringing those assets into their orbit," he says.

Advisors across the wealth management industry have been trying to serve client needs beyond investments. Financial advisors who work at a bank can use in-house solutions; other advisors have to look elsewhere. Aaron D. Grey, chief experience officer of Focus Financial, says in a statement provided by Flourish that Flourish has helped his company's advisors "serve as a primary point of contact for clients across their financial needs, rather than splitting that role with a bank."

Aquiline says it invests in companies that sit at the intersection of financial services and technology. The firm has previously invested in companies serving the wealth management industry such as AssetMark and RIA-in-a-Box. Aquiline had approximately $11 billion of assets under management as of March 31, according to the company.

"Under MassMutual's ownership, Flourish has built a following that includes some of the largest and fastest-growing RIA firms," Charles Janeway, principal at Aquiline, says. "We look forward to putting our network and experience in wealth management to work on Flourish's behalf."

Paul LaPiana, head of brand, product, and affiliated distribution at MassMutual, says that the transaction with Aquiline will help position Flourish for long-term success.

Flourish also announced that former Fidelity Investments executive David Canter will join Flourish's board of directors as executive chairman. "Cash management and lending solutions are key foundational components of a comprehensive wealth management platform," Canter says. "In an increasingly competitive advisor landscape, Flourish's solutions enable independent advisors to more effectively respond to clients' needs by actively engaging in their clients' most meaningful financial decisions while protecting and growing their practices."

While at Fidelity, Canter led the company's RIA and family office segments. He also previously served as president of Bluespring Wealth Partners, a unit of wealth management firm Kestra that specializes in advisor acquisitions. Canter's experience working with independent advisors makes him an ideal partner for Flourish, Lane said in a blog post on his company's website.