Smile Sail Invests €10M in Harmoney to Boost Counterparty Risk Software Growth

Smile Sail, an evergreen private equity fund specializing in European software and AI companies, announces a strategic minority investment of €10 million in Harmoney, a Ghent-based provider of Counterparty Risk Management software. The deal, announced on May 21, 2026, aims to support Harmoney’s next phase of international growth and product innovation.

Harmoney offers a modular platform that enables financial institutions and regulated enterprises to orchestrate complex onboarding, compliance, and risk workflows across the entire client and third-party lifecycle. Its software integrates customers, counterparties, compliance teams, third-party data providers, and core systems to streamline processes such as Know Your Customer (KYC), Anti-Money Laundering (AML), Markets in Financial Instruments Directive (MiFID), Politically Exposed Persons (PEP), Ultimate Beneficial Ownership (UBO), Digital Operational Resilience Act (DORA), Environmental, Social, and Governance (ESG), and Third Party Risk Management (TPRM).

Currently, Harmoney serves over 70 customers across seven countries, including notable financial institutions like Belfius, Baloise, and Ayvens. The platform monitors millions of counterparties daily, providing compliance teams with real-time visibility into their risk and compliance positions.

The investment comes at a pivotal time as the European compliance landscape undergoes significant transformation. The EU’s new Anti-Money Laundering Regulation (AMLR), effective from July 10, 2027, will introduce a unified AML rulebook across member states. Meanwhile, the European Anti-Money Laundering Authority (AMLA), operational since July 2025, is developing technical standards that will reshape customer due diligence and ongoing monitoring. Additionally, DORA, enforceable since January 2025, extends regulatory accountability deep into third-party supply chains for thousands of financial entities.

Against this backdrop, compliance is shifting from fragmented, periodic checks to continuous, orchestrated Counterparty Risk Management. Harmoney is expanding its orchestration capabilities to address this evolving market demand.

Thomas Van Maele, Co-founder and CEO of Harmoney, states, “We founded Harmoney to take the burden out of compliance and risk management processes, so that our clients can focus on building trusted relationships. As Counterparty Risk Management evolves beyond traditional KYC and AML, we see a unique opportunity to scale internationally. We are excited to partner with Smile Sail, whose entrepreneurial expertise and sector knowledge will support our growth journey.”

Ronald Kemmeren, Partner at Smile Sail, adds, “Harmoney is emerging as a European market leader in Counterparty Risk Management software. The market is moving decisively towards integrated orchestration platforms. With AMLR, DORA, and the broader regulatory agenda accelerating demand, Harmoney’s software is mission-critical for its blue-chip clients. We look forward to supporting the team as they expand.”

Smile Sail manages an evergreen private equity fund of €275 million, focusing on software, AI, and IT services companies. It is part of the Smile group of funds with nearly €1 billion in assets under management, backed by influential families and entrepreneurs.

The investment will enable Harmoney to deepen its client commitments, scale its international go-to-market efforts, and invest further in AI-driven product innovation. The partnership also aims to leverage Smile Sail’s network to accelerate market penetration and cross-sell Harmoney’s modular platform to existing portfolio companies.

Industry experts note that this deal strengthens Harmoney’s position amid accelerating regulatory-driven demand for integrated compliance solutions. It also increases competitive pressure on other RegTech providers, potentially accelerating industry consolidation and innovation.

Looking ahead, Harmoney plans to navigate integration challenges such as aligning product roadmaps and managing regulatory compliance across jurisdictions. The company aims to capitalize on the EU’s evolving regulatory environment to expand its footprint across Europe.

Overall, the €10 million minority investment marks a significant milestone for Harmoney as it scales its platform to meet the growing complexity of Counterparty Risk Management in the financial services sector.