Harmoney’s €10 million funding for expanding AI-driven Counterparty Risk Management platform

Harmoney Secures €10 Million Investment from Smile Sail for Counterparty Risk Management

Harmoney, a software provider based in Ghent, has recently announced a significant minority investment of €10 million from Smile Sail, a private equity fund focusing on European Software and AI leaders. This strategic investment is aimed at fueling Harmoney’s expansion plans and enhancing its AI-driven product innovation for Counterparty Risk Management.

Thomas Van Maele, the co-founder and CEO of Harmoney, expressed his optimism about the partnership with Smile Sail, stating, “We founded Harmoney to simplify compliance and risk management processes for our clients, allowing them to concentrate on nurturing trusted relationships with their customers and counterparties.”

Founded in 2016, Harmoney offers a comprehensive software platform that enables financial institutions and regulated enterprises to streamline complex onboarding, compliance, and risk workflows throughout the client and third-party lifecycle. The company’s modular solution caters to various sectors, including banks, insurers, wealth managers, investment funds, asset leasing firms, and professional service providers.

The evolving European compliance landscape, characterized by regulations like the Anti-Money Laundering Regulation (AMLR) and the Digital Operational Resilience Act (DORA), underscores the importance of robust Counterparty Risk Management solutions. Harmoney is positioned to address these regulatory changes by expanding its orchestration capabilities in the realm of Counterparty Risk Management.

Currently serving over 70 financial institutions across 7 countries, including prominent names like Belfius, Baloise, and Ayvens, Harmoney has established itself as a leader in the field of Counterparty Risk Management software. The company’s platform facilitates the monitoring of millions of counterparties daily, offering compliance teams real-time insights into their regulatory position.

Ronald Kemmeren, Partner at Smile Sail, commended Harmoney’s market position, stating, “Harmoney is emerging as the European market leader in Counterparty Risk Management software, aligning with the industry’s shift towards integrated orchestration platforms. With regulatory changes like AMLR and DORA driving demand across Europe, Harmoney is well-positioned to capitalize on this trend.”

Smile Sail, an evergreen private equity fund with a focus on software, AI, and IT services companies, invests in partnership with entrepreneurial teams to drive growth and innovation in the sector. Backed by influential families, entrepreneurs, and industry leaders, Smile Sail has a strong track record of supporting companies in becoming leaders in their respective fields.

In conclusion, Harmoney’s collaboration with Smile Sail marks a pivotal moment in the company’s journey towards further expansion and innovation in the realm of Counterparty Risk Management. With a strong foothold in the market and a commitment to addressing evolving regulatory requirements, Harmoney is poised to lead the way in shaping the future of compliance and risk management in Europe.