Pello Companies to Acquire ByAllAccounts from Morningstar in Strategic Open Finance Expansion
Pello Companies, LLC, a firm focused on advancing innovation in open finance and financial data infrastructure, today announced that it has entered into a definitive agreement to acquire ByAllAccounts, a leading provider of financial data aggregation technology, from Morningstar, Inc. (Nasdaq: MORN). The acquisition marks a significant strategic move aimed at accelerating innovation in wealth management data connectivity and expanding access to high-quality financial account data across the ecosystem.
Under the terms of the agreement, ByAllAccounts will operate as an independent, standalone company following the completion of the transaction. The acquisition is expected to close in the first half of 2026, subject to customary regulatory approvals and closing conditions. Financial terms of the deal have not been disclosed.
This transaction reflects a broader industry trend toward specialization in financial infrastructure, where data aggregation, analytics, and advisory platforms are increasingly being developed as focused, high-performance capabilities rather than bundled features within larger financial services organizations.
Strategic Rationale Behind the Acquisition
The acquisition positions Pello Companies to strengthen its footprint in the rapidly evolving open finance ecosystem, where seamless, secure, and real-time financial data access is becoming a foundational requirement for wealth management platforms, advisory services, and fintech applications.
ByAllAccounts has long been recognized as one of the most established providers of financial data aggregation technology, enabling institutions to securely connect and consolidate financial account information from thousands of financial institutions globally. Its technology plays a critical role in powering portfolio reporting, financial planning tools, and advisor platforms.
For Pello Companies, the acquisition represents an opportunity to accelerate innovation by combining its open finance expertise with ByAllAccounts’ mature data infrastructure. The goal is to enhance data accessibility, expand integration capabilities, and develop next-generation solutions that go beyond traditional aggregation into deeper financial intelligence and interoperability.
Post-Acquisition Structure and Leadership
Following the completion of the transaction, ByAllAccounts will continue to operate as a standalone entity, ensuring continuity for existing clients, partners, and integrations while gaining increased strategic focus and investment capacity.
As part of the transition, Pello Companies will appoint Cynthia Rojas Sejas as the Chief Executive Officer of ByAllAccounts. She brings more than 25 years of executive leadership experience across financial data, analytics, and enterprise information services, having held senior roles at both Moody’s and S&P Global.
Her background includes driving large-scale growth strategies for data-driven financial solutions, with a focus on expanding platform capabilities, improving data infrastructure, and enabling enterprise-grade analytics products. Her appointment signals Pello Companies’ intention to accelerate product innovation and deepen ByAllAccounts’ position as a foundational layer in the wealth technology ecosystem.
Leadership from Pello Companies emphasized that the combined expertise of both organizations will be instrumental in shaping the next phase of development. By integrating Pello’s open finance strategy with ByAllAccounts’ decades of domain expertise, the company aims to create a more connected, scalable, and intelligent financial data platform.
Executive Perspective on the Acquisition
Speaking on the announcement, incoming CEO Cynthia Rojas Sejas highlighted the importance of the platform’s legacy and its future potential in a rapidly digitizing wealth management industry.
She noted that ByAllAccounts has built a strong reputation under Morningstar’s ownership, particularly in delivering reliable and secure financial data aggregation services at scale. The next phase of growth, she explained, will focus on accelerating innovation through targeted investment, expanding data source coverage, and enhancing platform capabilities beyond traditional aggregation models.
According to her, the long-term vision for ByAllAccounts is to serve as a comprehensive financial data infrastructure layer for advisors, wealth managers, and fintech platforms. This includes not only aggregating account-level data but also enabling richer insights, improved interoperability, and more advanced data-driven services that support modern wealth management workflows.
She further emphasized that strategic partnerships—including ongoing collaboration with Morningstar—will remain an important part of the company’s ecosystem strategy, ensuring continuity for shared clients and integrated solutions.
Morningstar’s Strategic Realignment
For Morningstar, the divestiture of ByAllAccounts aligns with a broader strategic focus on strengthening its core advisor, research, and investment management capabilities. The company has been increasingly concentrating on proprietary data, analytics, software solutions, and asset management services under its Morningstar Wealth and Morningstar Retirement divisions.
As of December 31, 2025, Morningstar reported approximately $378 billion in assets under management and advisement, reflecting the scale of its advisory and investment management business. The company continues to invest heavily in expanding its integrated suite of tools for financial advisors and institutional clients.
Morningstar leadership indicated that ByAllAccounts has been a foundational capability within its ecosystem for more than 25 years. The platform has played a critical role in enabling secure financial data aggregation for investors, advisors, and technology platforms.
However, the decision to transition ByAllAccounts to Pello Companies reflects a belief that the business will benefit from more focused strategic investment and operational specialization under dedicated ownership.
Despite the sale, Morningstar confirmed that ByAllAccounts will continue to be offered as an integrated capability within its existing product suite, including the Direct Advisory Suite and Morningstar Investor platform. This ensures continuity for existing users while enabling ByAllAccounts to pursue independent growth opportunities.
Industry Context: The Rise of Open Finance Infrastructure
The acquisition comes at a time when the financial services industry is undergoing a significant transformation driven by open finance principles. Increasing demand for real-time financial data access, cross-platform interoperability, and API-driven financial ecosystems has created new opportunities for specialized data infrastructure providers.
Wealth management firms, fintech platforms, and advisory services are increasingly dependent on high-quality data aggregation engines to power portfolio analytics, financial planning tools, and personalized investment recommendations. This shift has elevated the importance of firms like ByAllAccounts, which operate at the core of financial data connectivity.
At the same time, regulatory developments and evolving consumer expectations are pushing financial institutions toward more transparent and interoperable systems. Open banking and open finance frameworks are expanding globally, further accelerating demand for secure and scalable data aggregation platforms.
Within this context, the acquisition of ByAllAccounts by Pello Companies positions the combined entity to play a more influential role in shaping the next generation of financial data infrastructure.
Future Roadmap and Strategic Priorities
Following the completion of the acquisition, Pello Companies is expected to focus on several key strategic priorities for ByAllAccounts:
1. Expansion of Data Connectivity
The company plans to broaden the range of supported financial institutions, asset classes, and data sources to provide more comprehensive financial visibility for end users.
2. Enhanced Platform Intelligence
Beyond aggregation, ByAllAccounts aims to incorporate more advanced analytics capabilities, enabling deeper insights into portfolio performance, financial behavior, and advisory opportunities.
3. API Ecosystem Development
A major focus will be on strengthening API infrastructure to support fintech developers, wealth platforms, and enterprise clients seeking flexible integration options.
4. Scalability and Reliability Improvements
Investment will be directed toward improving platform performance, uptime, and security to meet the demands of large-scale institutional deployments.
5. Strengthening Industry Partnerships
The company will continue to maintain and expand strategic relationships with key players in the financial services ecosystem, including data providers, advisory platforms, and enterprise software vendors.
Market Impact and Competitive Positioning
The transaction is expected to reshape competitive dynamics within the financial data aggregation and open finance infrastructure market. By combining Pello Companies’ strategic focus with ByAllAccounts’ established technology and client base, the new standalone entity is positioned to compete more effectively with other financial data infrastructure providers.
The move also reflects a broader trend of corporate divestitures in financial technology, where large financial services firms are increasingly spinning out non-core technology assets to specialized operators capable of driving faster innovation and more focused product development.
The acquisition of ByAllAccounts by Pello Companies represents a significant milestone in the evolution of open finance infrastructure. By transitioning the business into a standalone company with dedicated leadership and strategic focus, the transaction is expected to accelerate innovation in financial data aggregation and expand the capabilities available to wealth management platforms, advisors, and fintech developers.
As the financial services industry continues to evolve toward more connected, API-driven ecosystems, the combined strengths of Pello Companies and ByAllAccounts are likely to play a pivotal role in shaping the future of financial data connectivity and intelligent wealth management solutions.
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