ICYGEN — 14.5%/an · 13 mois

Plateforme · 8.0/25

A1 · Statut réglementaire 3.0/8faible

Regulation PolyReg SRO under FINMA supervision (Switzerland)
Outside EU framework: neither agrément AMF AMF nor ECSP ESMA nor recognised equivalent (BaFin, AFM, FSC)
Active national registration outside EU, without European passport

A2 · Track Record 2.0/6faible

Default 0.77% → 6 base points
Delay >90d not published (N/C) → 0 points
Actual return vs announced not documented → 0 points
Raw score: 3.0
Penalty -1 point (NPL data and return absent)
Criticisms regarding reliability of NPL statistics (rethink-p2p.de)

A3 · Rigueur de sélection 1.0/4faible

No selection rate published
Selection process not documented in available sources
Young platform recognised on Swiss/European SME market

A4 · Santé financière 1.0/4faible

Share capital ~290k€ very low for a portfolio of 68-108M€
Loss of 118 379 CHF in 2023
Financial report published with 18 months delay
Absence of external audit
Limited provision fund
Independent platform not backed by an institutional group

A5 · Protection investisseurs 1.0/3faible

Platform not licensed agrément AMF/ECSP: 1-point automatic rule does not apply
One default declared resolved amicably suggests basic recovery mechanism
No segregated account or secondary market documented in sources

Projet · 41.0/75 (44.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple fixed-rate bond, clear Bulgarian law

B1.2: 2/3 - Direct loan from operator ICYGEN LTD, well documented

B1.3: 0/2 - Declared Loan-to-Value (ratio prêt/valeur actif) at 112% implies probable subordination; equipment collateral insufficient to cover the rank

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Named directors: CEO Petya Gurbeva, shareholders Badjov/Penchev, identifiable

B2.2: 3/5 - Company >20 years old, €4.1M revenue, but IT SME non-regulated NBFI, partial track

B2.3: 1/3 - First operation on Maclear; external reputation not verified

B2.4: 2/3 - No proceeding identified, tight balance sheet (gearing to verify), 25-year positive history

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - Collateral equipment/company assets, not formally registered as mortgage or official pledge

B3.2: 0/4 - Guarantor strength not assessable; company equity not communicated separately; gearing unknown

B3.3: 2/2 - Established IT SME licensed BNB (BNB client), structured institutional facility

B4 · Structure financière 10.0/15

B4.1: 4/5 - taux de couverture de la dette 2026F: EBIT €626K / debt service ~€111K = 5.7x → taux de couverture de la dette >2.5 → 5pts, but declared Loan-to-Value (ratio prêt/valeur actif) 112% penalises. Score 4

B4.2: 2/4 - Equity partially committed; capital contribution not quantified

B4.3: 2/4 - Stress test absent, but taux de couverture de la dette 5.7x provides comfortable margin

B4.4: 2/2 - EBIT margin 7.46% (2025), net 6.66%, in marked progression

B5 · Pré-commercialisation 6.0/10

Pipeline €755,120 with 7 executed contracts and 3 LOI signed; 10 counterparties named across 6 verticals
Portfolio IT data partially documented, but blue-chip clients (BNP, BNB, NEPI)
Score: 6/10

B6 · Permis & Maturité 5.0/5✓ max

Established activity since 1999 (>25 years), EIK 123503218 registered, active Bulgarian VAT, all legal documents in order, valid licences

B7 · Marché & Localisation 2.0/3

Stable and growing Bulgarian IT market (9.2% CAGR)
NPL 6.78% improved, GDP +3.1% 2025
Structurally attractive SME lending market
Moderate 2026 risks (energy, consumption)
Score 2/3

Points forts

✓ICYGEN company established 25 years ago with continuous track record and institutional clients (BNB, BNP Paribas, ministries).

✓IT revenue stable at €4.1M in 2025, positive profitability over entire historical period.

✓DSCR 5.7x in 2026F: very comfortable debt service coverage.

✓Pipeline analytics of €755K with 7 executed contracts and identifiable counterparties.

✓Bulgarian IT and BEMS market in structural growth, supported by EU regulation.

Risques identifiés

!Declared LTV at 112%: equipment collateral insufficient to cover total outstanding loan.

!Maclear platform outside PSFP/ECSP framework, without recognised EU licence; limited investor protections.

!Collateral guarantee limited to equipment/company assets, without formally registered pledge.

!2026-2027 forecasts incorporate an analytics line not yet proven commercially at scale.

!High shareholder concentration (99.8% single shareholder); key-person risk on CEO Petya Gurbeva.