WEBMARKET — 14.9%/an · 12 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

Swiss platform, outside AMF/agrément AMF/ECSP
SRO supervision PolyReg (self-regulation) with FINMA as ultimate backstop
Functional equivalent but inferior to agrément AMF/ECSP or FSC/BaFin licence
No European passport
Score aligned on registration only without agrément AMF licence

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

No agrément AMF/ECSP licence → automatic 1 pt rule not applicable
SRO PolyReg offers minimal framework
Reserve fund existing but opaque and undersized
No documented secondary market
No segregated account publicly confirmed
1 pt for SRO framework

Projet · 39.0/75 (44.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, clear right

B1.2: 2/3 - Direct borrower loan, Bulgarian EU law recognised

B1.3: 1/2 - No known senior debt, first ranking de facto unregistered

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Manager appointed (Sasho Hristov Salkov) without verified public profile

B2.2: 2/5 - Bulgarian SME >3 years, IT services B2B sector, strong revenue growth

B2.3: 1/3 - First operation on Maclear, history on other platform not verified

B2.4: 3/3 - No proceedings identified, healthy balance sheet 2025

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 2/9 - Informal pledge on purchased equipment, not officially registered; value 808K€ discounted

B3.2: 1/4 - Guarantor = company itself, modest equity, no documented capitalised holding

B3.3: 2/2 - Licenced NBFI active in Bulgaria, institutional confirmed per scoring notes

B4 · Structure financière 9.0/15

B4.1: 3/5 - taux de couverture de la dette 2025: EBITDA 109K€/annual debt service ~89K€ → taux de couverture de la dette ~1.23; projected 2026 EBITDA 182K€ → taux de couverture de la dette ~2.0

B4.2: 2/4 - Partial equity contribution; equipment financed 100% by loan

B4.3: 2/4 - Signed contracts cover repayment; -10% stress withstood

B4.4: 2/2 - Net margin 7%+ and taux de couverture de la dette >1.5 projected 2026

B5 · Pré-commercialisation 6.0/10

Three signed customer contracts (ePay, LogSentinel, Kelvin Health) for €960K confirmed revenue
Active portfolio, moderate diversification, partial history on this platform
Score 6/10 SME-NBFI grid

B6 · Permis & Maturité 5.0/5✓ max

Established activity >3 years (2022+), legally registered company in Bulgaria, legal documents in order, valid licences
IT services sector, no specific permits required

B7 · Marché & Localisation 2.0/3

Stable Bulgarian market, NPL at 6.78% (improved), GDP growth 2.5-3.1%
IT infrastructure B2B sector promising
Established market justifies 2/3 despite moderate slowdown projected 2026

Points forts

✓Three signed customer contracts covering €960K revenue for 2026.

✓Strong financial growth: revenue +141% and EBITDA +564% in 2025.

✓Declared collateral coverage at 135% of borrowed amount (discounted value).

✓Recognised customers: ePay AD, Melexis Bulgaria, Televic Bulgaria.

✓Differentiated turnkey model with documented cross-border EU capacity.

Risques identifiés

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

!Guarantee on equipment not officially registered - uncertain liquidation value in default.

!Bullet repayment depends on customer collections at extended delays (timing risk).

!Manager poorly documented publicly; absence of LinkedIn profile or verifiable holding balance sheet.

!Rate 14.9%/year high for Bulgarian SME; absence of documented senior banking partner.