Tudigo in receivership: what happens to your investments?

On 5 August 2026, the Bordeaux commercial court opened receivership proceedings (redressement judiciaire) against Tudigo, a crowdfunding platform founded in 2015 as Bulb in Town. According to AFP, as reported by Boursorama, the company claims more than 200 million euros invested since its launch, around 300 fundraising campaigns and 25,000 investors. The court set the date of cessation of payments at 31 July 2026.

After the liquidation of Koregraf in 2025, the receivership of WiSEED in autumn 2025 and the run-off of October in 2026, this is the fourth failure or exit of a well-known French platform in eighteen months. For Tudigo investors the question is simple: is my money at risk? For everyone else it matters just as much: how do you spot platform risk before it materialises?

This article sets out the established facts, what actually happens to each type of money, the decisions to take before the 30 September hearing, and then compares the episode with CrowdPickr's scoring data on 602 projects across 23 platforms.

What happened: the established facts

The points below come from Tudigo's official notice to its investors, the AFP report of 17 August 2026 and the specialist press.

Tudigo attributes its situation to two causes: a downturn in the crowdfunding market, after years of growth fuelled by low interest rates up to 2022, and an internal governance crisis that emerged in autumn 2024. Fundraising figures compiled by members of the argent-et-salaire.com forum show the decline: about 41 million euros raised in 2024, 29 million in 2025 and 7.3 million in 2026 at the time of the count. Le Brief Patrimonial, citing the court administrator's report, puts 2025 revenue at 4 million euros, of which 1.1 million was recurring, and says fundraising more than halved in two years.

On the takeover side, Le Brief Patrimonial reports that Blast, the investment club founded by Anthony Bourbon and licensed as a crowdfunding service provider since August 2023, is the leading bidder. The amount of the offer, its scope and the number of jobs kept are not yet known. Nothing is settled until the court rules.

What happens to your money, depending on where it sits

The key point, confirmed by Tudigo in its official notice, is that the platform is an intermediary. Investor money does not pass through its operating accounts. The receivership concerns the company Tudigo, not the businesses you financed. But three situations need to be told apart.

1. Money already invested. It was used to subscribe to shares or bonds issued by the financed companies, sometimes through holding companies or dedicated vehicles. According to Tudigo, it is not directly affected by the proceedings. Your ownership or claim is on the issuing company, not on Tudigo. Its value still depends on the health of each business, exactly as it did before 5 August.

2. Pending repayments. Interest, capital repayments and sale proceeds sit in a segregated account with the payment provider Lemonway. They do not belong to Tudigo. However, Tudigo states that every payout now requires the prior approval of the court administrator. In practice, your money is not lost, but it may arrive later than expected.

3. Uninvested cash in your wallet. It remains in segregated accounts and is not part of Tudigo's assets. It cannot be used to pay Tudigo's creditors.

There is, however, a less visible risk: long-term servicing. A platform does more than raise money. It monitors issuers, chases late payments, sometimes represents investors inside holding companies and organises exits. If it disappears, someone has to take over that work. That is the purpose of the business continuity plan required by the European ECSPR regulation.

The three possible outcomes on 30 September

Receivership can lead to three scenarios, as set out by Tudigo and by the law firm Kohen Avocats.

• A sale plan, full or partial, to a buyer. This is the scenario suggested by Blast's bid. The buyer takes over the business and, depending on the agreed scope, the servicing of outstanding investments. Investors will be told the terms once the takeover is approved.
• A continuation plan allowing Tudigo to carry on alone, with its debts rescheduled. Given the published fundraising figures, this looks less likely, but the court can choose it.
• Conversion into liquidation. In that case the continuity plan kicks in. According to Tudigo, two providers would take over: CAPSENS for technical and administrative management, and the firm 1563 for recovery and legal follow-up, through a dedicated portal. Investors would then have to approve new representatives by written consultation, usually within three weeks.

In the third scenario, run-off management has a cost. Investors on the argent-et-salaire.com forum point out that the fees of continuity managers can eat into the amounts recovered. This is what Koregraf investors are going through today.

What a Tudigo investor can do now

• Do not panic. No urgent action is needed for existing positions. Your shares and claims on the financed companies do not disappear with the platform.
• Archive your documents now. Subscription forms, bond terms, holding company shareholder agreements, portfolio statements, repayment schedules and payment history. If the interface changes hands or shuts down, these will be your only proof.
• Request withdrawal of uninvested cash. There is no reason to leave idle cash on the platform during the proceedings. Expect a delay due to the administrator's approval.
• Check whether you are a creditor of Tudigo itself. As a rule, an investor is not a creditor of the platform: they are a creditor or shareholder of the financed business. If you believe Tudigo owes you money in its own right, the claim must be filed with the court-appointed creditors' representative within two months of the judgment's publication in the BODACC, France's official gazette of commercial notices. After that deadline, the claim generally cannot be enforced in the proceedings.
• Tudigo's own shareholders are in a different position. Around 700 individuals hold shares in Tudigo itself, according to Kohen Avocats. They rank last, and their stake could be heavily diluted or lost in a sale.
• Hold off on any new investment on the platform until the court rules and the takeover terms are published.

Four platform exits in eighteen months

Tudigo is not an isolated case. Each episode took a different form, which shows that platform risk is not only about bankruptcy.

We covered the October case in detail in October crowdlending closes: what it means for investors. The common thread is clear: platforms sized for 2021 volumes saw their fundraising shrink, and their fixed costs became unsustainable.

The market as a whole is not collapsing, though. According to the France FinTech and Forvis Mazars barometer cited by Maddyness, French crowdfunding raised 1.763 billion euros in 2025, up 1.8%. But the mix is shifting: real estate's share fell from about 70% to 47.9%, renewable energy now exceeds 20%, and equity investment in startups dropped 19%, from 201.6 to 163.4 million euros. That was precisely Tudigo's core business. Total volume is holding up, but it is concentrating on fewer players and different segments.

What our data says about platform risk

CrowdPickr does not track Tudigo, whose offering consists mostly of equity stakes in local small businesses, a format our grid does not currently score. But our methodology rates every project in two blocks, one of which is a 25-point platform block. Two of its criteria bear directly on the Tudigo scenario:

• Platform financial health (A4, out of 4): track record, backing by a larger group, signs of distress, recent insolvency proceedings.
• Investor protection (A5, out of 3): cooling-off period and continuity plan (1 point, mandatory for every licensed provider), segregated accounts with a third-party payment provider (1 point), a working secondary market (1 point).

Below are the averages for projects scored since May 2026, for platforms with at least 4 scored projects.

Three lessons stand out.

A top financial health score is rare. Of the 602 projects scored since May 2026, only 39, or 6.5%, get 4 out of 4. They are mostly on platforms backed by a large group, such as Lendopolis, part of the La Banque Postale group through KissKissBankBank & Co, or Homunity, a subsidiary of Tikehau Capital. Most French platforms are small independent companies whose strength depends on that year's fundraising. That was Tudigo's profile.

WiSEED shows the post-takeover rule. Our grid gives it 1 point out of 4 for financial health. The proceedings are closed and the Advenis takeover approved, but we treat a change of owner less than twelve months old as a source of uncertainty. If Tudigo is taken over, we would apply the same caution.

A secondary market is missing almost everywhere. Only 18% of scored projects get the maximum protection score. In most cases, what is missing is a working secondary market. In practice, when a platform wobbles, investors cannot sell their positions: they have to wait until maturity, whatever the outcome of the proceedings.

An honest counterpoint is needed. Group backing is not an absolute guarantee: an owner can decide to close a business it considers unprofitable, as the end of October showed. And a well-run independent platform can get through a difficult cycle. The A4 score measures a probability, not a certainty.

Warning signs to watch on your platforms

None of these signs on its own predicts a failure, but when they add up, it is a reason to gradually reduce your exposure.

• Fast-falling fundraising. Tudigo is a telling case: from 41 to 29 million euros between 2024 and 2025, according to the forum figures. Most platforms publish their volumes or let you infer them from the number of projects.
• Governance changes: a founder leaving, a shareholder dispute, management turnover.
• Annual accounts not filed, or filed late, with the commercial court registry. They can be consulted free of charge.
• Fewer projects on offer, or a drift towards riskier projects to keep volume up.
• Less and less communication about delays and ongoing proceedings.

To read a project's documentation and spot these weaknesses, see our guide How to read a crowdlending project dossier.

Diversifying across platforms

The most practical lesson is the same as with October: diversifying across projects is not enough, you also need to diversify across platforms. A portfolio spread over 40 projects on a single platform is still exposed to a single event: frozen payouts, a change of servicer, run-off fees. Spreading your outstanding investments over three to five platforms with different profiles, and capping each at a reasonable share of the total, reduces that risk without giving up yield.

The platform block of our scores can act as a filter: at a comparable yield, a project on a platform with better financial health and protection scores lowers the likelihood of going through a Tudigo-type scenario. All scores are available in our platform rankings.

Sources: Tudigo, official notice on the receivership (August 2026); AFP via Boursorama (17 August 2026); Maddyness (17 September 2026); Le Brief Patrimonial; Kohen Avocats (August and September 2026); argent-et-salaire.com forum; AMF, list of crowdfunding service providers whose licence was withdrawn; Aqui.Media. CrowdPickr data as of 21 September 2026, 602 projects scored since May 2026. CrowdPickr is an independent analysis service with no link to Tudigo or to any bidder. This article is not investment advice.