WOW Innovation — 16%/an · 14 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 · 28.0/75 (31.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligation fixed rate 16%, German law

B1.2: 1/3 - Direct loan German operator, partial mention of applicable law

B1.3: 1/2 - Simple obligation without known senior debt, first ranking de facto not registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Manager Vitalii Honcharov appointed, owner Dmitrijs Sinakovs appointed, without verifiable public profile

B2.2: 2/5 - SME 9 years old, cyclical crypto/mining sector, no regulated NBFI

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

B2.4: 2/3 - No collective insolvency proceeding identified, tight balance sheet (loss 2025, zero debt but negative EBITDA)

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - Personal guarantee not notarised according to structure; material collateral guarantees ASIC mentioned but not formalised

B3.2: 1/4 - Guarantor not financially evaluated, assets not documented

B3.3: 2/2 - Loan <€2M, institutional criterion not required; direct structure accepted

B4 · Structure financière 6.0/15faible

B4.1: 3/5 - taux de couverture de la dette 2026F 2.75x (threshold 1.5-2.0 → 3 points)

B4.2: 1/4 - Operator equity not quantified, minimum capital contribution apparent

B4.3: 1/4 - No formal stress test; total dependence on Bitcoin price, -20% scenario insufficient

B4.4: 1/2 - Net margin 2024 2.5%, taux de couverture de la dette 2.75x in 2026F

B5 · Pré-commercialisation 3.0/10faible

SME-NBFI: portfolio of active clients documented (hardware buyers + hosting clients), but portfolio data poorly detailed, high crypto sector concentration
Partial 9-year history but transition to own mining recent

B6 · Permis & Maturité 3.0/5

Activity established since 9 years (2016), registered Handelsregister HRB 78825, legal documents in order
No specific licence required for mining in Germany under MiCA

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: SME/alternative market growing (14% CAGR) but Bitcoin mining sector under major pressure in 2026 (BTC price -20% in June, compressed margins)
Secondary market stable but high crypto risk justifies 1/3

Points forts

✓German company registered for 9 years, documented operational history.

✓No interest-bearing debt before this loan, balance sheet without existing financial leverage.

✓Three complementary revenue streams with partial diversification.

✓2026F DSCR of 2.75x provides acceptable short-term interest coverage.

✓ASIC equipment as tangible asset potentially realisable in case of default.

Risques identifiés

!Total exposure to Bitcoin price: a further 20% decline eliminates revenue projections.

!Very weak guarantees: no mortgage, pledge or documented notarised guarantee.

!Rate of 16%/year without registered real guarantee triggers RF10.

!2027F forecasts (+221% turnover) highly speculative, dependent on unverifiable Bitcoin assumptions.

!Operational concentration on 3 persons (key-person risk) in highly volatile sector.