LeadX Digital — 14.8%/an · 12 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

A2 · Track Record 3.0/6

Stated default rate 0.1% (<1% → 6 pts base)
Delay rate >90 days not published → N/C → 0 pts
Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
No -2 penalty as default rate partially published

A3 · Rigueur de sélection 1.0/4faible

Selection rate not published
Process not documented publicly
Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
Established platform recognised in its niche but proven deficient selection

A4 · Santé financière 1.0/4faible

No audited financial report 2024 published (March 2026, delay justified by migration)
Small reserve fund and not transparent
Target yields 20%+ without verifiable solvency reserves
720% growth but suspect business model
No active distress signal but insufficient transparency for 2+ pts

A5 · Protection investisseurs 1.0/3faible

Projet · 48.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate 14.8%/year, clear rights

B1.2: 2/3 - Direct loan operator SME, Czech EU law

B1.3: 1/2 - No known senior debt, de facto 1st rank not formally registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Owner-manager mentioned without name or public profile

B2.2: 2/5 - IT SME <3 years at current scale, stable sector, documented growth

B2.3: 1/3 - First Maclear transaction, reputation not verifiable elsewhere

B2.4: 2/3 - No insolvency proceeding identified, tight balance sheets (gearing not precisely calculable)

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of operating assets + contractual equipment + personal vehicle; liquidation coverage 102.3%

B3.2: 1/4 - SME guarantor <1M€ apparent equity, partial financial information

B3.3: 1/2 - No identified banking partner, project <€2M therefore RF2 not triggered

B4 · Structure financière 12.0/15bon

B4.1: 4/5 - Estimated taux de couverture de la dette >2.0 (EBIT 252k vs interest 26-91k)

B4.2: 3/4 - Equity contribution via existing assets, substantial own collateral

B4.3: 3/4 - Net margin 8.6% in 2025, -20% stress supportable

B4.4: 2/2 - Net margin >5% and taux de couverture de la dette >2.0 confirmed

B5 · Pré-commercialisation 6.0/10

B6 · Permis & Maturité 5.0/5✓ max

IT activity established since >2022 (4 years), all legal documents in order, valid licences in Czech Republic, sound legal structure

B7 · Marché & Localisation 2.0/3

Czech cybersecurity market growing 15.4%/year (IDC), NIS2 creates structural non-discretionary demand
SME NPL stable, CZ GDP >2%
Risk: bank credit tightening Q1 2026

Points forts

✓Three signed NIS2 contracts (€942k) providing revenue visibility for H2 2026

✓Revenue growth from €143k (2022) to €1,562k (2025), sustained profitability each year

✓Liquidation collateral covering 102.3% of principal (€715k vs €700k)

✓Czech cybersecurity market: +15.4%/year, NIS2 creates structural regulatory demand

✓Diversified pipeline: no client >16% of total, multiple NIS2-regulated sectors

Risques identifiés

!Owner-manager not identified by name in public file

!Maclear platform: two documented fraud cases (Estlat, Vibroedil), proven selection failure

!Liquidation coverage at 102.3% - very narrow margin in case of default (€15,817 cushion)

!Six LOI (€1.25M) not contractualised; uncertain conversion to firm contracts

!Rate 14.8%/year beyond SME-NBFI norm (>14%); verify adequacy of guarantees