Formulary Financial, Inc.

Formulary Financial, Inc. , based in New York, specializes in modern fund administration services that enhance operational efficiency for asset managers, focusing on comprehensive fund reporting and self-administration solutions. Formulary Financial, Inc. was founded in 2025 by its CEO Alfia Ilicheva, and operates from its headquarters in New York, US.

The company focuses on providing fund administration services tailored to asset management firms. In January 2026, Formulary Financial, Inc. raised USD 4. 6 million in seed funding led by Khosla Ventures, with participation from Acrew Capital, Company Ventures, Human Ventures, Serena Ventures, and Alumni Ventures Group.

Formulary Financial, Inc. specializes in modern fund administration services designed to enhance operational efficiency for asset managers. Their core offerings include comprehensive fund reporting, treasury capital activity management, tailored reporting, and self-administration solutions. These services address the complexities associated with fund operations, transforming intricate data and manual tasks into accessible, auditable, and actionable insights.

Formulary’s client base primarily comprises asset management firms across North America and select European markets, which demand high standards in fund accounting and financial technology. Formulary Financial, Inc. generates revenue through structured B2B service agreements with asset management firms. Clients typically engage Formulary on a subscription basis, accessing a suite of fund administration services tailored to their specific needs.

The company’s revenue is supported by partnerships that provide ongoing assistance throughout the investment process. While specific pricing plans for flagship services are not publicly detailed, it is understood that the fee structures align with the complexity and scale of fund administration required by each client. In January 2026, Formulary Financial, Inc. raised USD 4.

6 million in SEED funding led by Khosla Ventures to support the further development of its products and expansion plans. The company aims to enhance its service offerings and plans to expand its presence into additional European markets by 2027, catering to a growing client base in regions where demand for fund administration services is increasing. The recent funding will facilitate the development of new products and the execution of the company's strategic expansion objectives.