- Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.
- The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF).
- Harmoney made its Finovate debut at FinovateEurope 2022 in London.
Belgium-based regtech Harmoney announced its acquisition of APPC, the compliance-oriented subsidiary of the Forsides Group. The acquisition will enable Harmoney to offer a streamlined, all-in-one compliance solution to financial institutions (FIs), integrating all regulatory operations on a single platform and empowering FIs to maintain compliance with the ever-changing regulatory environment.
The acquisition comes after five years of collaboration between Harmoney and the APPC team. This collaboration has yielded flexible, customized solutions to help FIs deal with challenges ranging from anti-money laundering (AML) to counter-terrorist financing (CTF). Post-acquisition, the APPC brand will remain intact; its services will be enhanced and expanded via Harmoney’s offerings. This will provide APPC clients with access to an even broader range of compliance solutions. APPC clients will also benefit from the expertise of the Harmoney team which offers a cost-efficient approach to compliance and comprehensive coverage to complex corporate structures.
“Our long-standing partnership with APPC has paved the way for this exciting new chapter,” Harmoney CEO Thomas Van Maele said. “By integrating all regulatory processes onto a single platform, we’re able to merge advanced technology with expert support from two expert teams that share the same values and dedication to compliance.”
Founded in 2016, Harmoney made its Finovate debut at FinovateEurope 2022 in London. At the conference, the company demonstrated the workflow orchestration of a digital reboarding of a private customer. The workflow includes identification, authentication, and risk screening that provides an overall risk score that enables compliance teams to conduct due diligence and, ultimately, determine acceptance, escalation, or rejection.
This summer, Harmoney announced that it was teaming up with Discai, a subsidiary of KBC Group, which leverages data science and financial expertise to help banks and other financial institutions combat financial crime. The two companies launched an integrated AML solution for FIs that combines Discai’s AI-based alert system with Harmoney’s end-to-end case and process management platform. Also this year, Belgian banking solutions collaborative Isabel Group announced that Harmoney would be the first integration partner for its newly launched verified corporate data hub.
Harmoney has raised $5.3 million (€6 million) in funding according to Crunchbase, courtesy of a seed round in 2023.
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Photo by Barb Duggan
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