Sandbox Funding — LV0000112894 — 12.0%/an · 9 mois

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Licenced by Latvijas Banka / FCMC since September 2021 under Latvian ECSP regime
Calibration: Lande Finance (ECSP Latvijas Banka) = 8 points
Equivalent status applied

A2 · Track Record 6.0/6✓ max

Default 0% since 2019 (6/6)
Delay rate 0% (6/6)
Non-deviating yield reported (6/6)
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 2.0/4

Process mentioned (post-2023 improvements), no published selection rate nor detailed committee description
2 points by default

A4 · Santé financière 3.0/4bon

Portfolio doubled in 2024, AUM €27.4M, 0% default
Independent platform >3 years, no distress signal
Concern of forestry sector concentration (March 2026) mild

A5 · Protection investisseurs 2.0/3

Active Latvian ECSP → 1 mandatory point (reflection period / continuity plan)
Buy-back guarantee at 90 days documented → 1 point (liquidity mechanism)
Segregated accounts not explicitly confirmed → 0 points

Projet · 43.0/75

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Loan via marketplace, Latvian law, poorly documented pool structure

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Sandbox Funding entity named, managing director not identified in file

B2.2: 3/5 - Originator active on Debitum, partial portfolio data, Latvian SME history

B2.3: 1/3 - Presence on platform, no repayment documented in file

B2.4: 1/3 - No proceedings identified, insufficient balance sheet data

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee or assumed originator guarantee, underlying loan pool not detailed

B3.2: 0/4 - Guarantor balance sheet unknown, no financial data on Sandbox Funding

B3.3: 2/2 - Originator NBFI licenced by Latvijas Banka, qualified institutional partner

B4 · Structure financière 8.0/15

B4.1: 3/5 - Pool taux de couverture de la dette not disclosed, moderate estimation for Latvian SME portfolio rated B+

B4.2: 2/4 - Originator equity contribution not documented, partial assumption

B4.3: 1/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) unknown

B4.4: 2/2 - B+ rating from Debitum implies documented positive cash flow internally

B5 · Pré-commercialisation 6.0/10

Active SME portfolio, assumed diversification (pool), partial Debitum history
Detailed portfolio data not disclosed in file

B6 · Permis & Maturité 5.0/5✓ max

Established NBFI activity, Latvijas Banka licence in force, sound legal structure and operational for over 2 years

B7 · Marché & Localisation 3.0/3✓ max

Latvian SME market in strong growth (+18.6% 2025), credit-to-GDP 29% (high potential), NBFIs on the rise
B+ rating compliant
Minor stagflationary risks

Points forts

✓Debitum platform licenced ECSP by Latvijas Banka, 0% default since 2019.

✓Latvian SME market in strong growth, NBFIs in expansion.

✓B+ risk rating assigned by Debitum following internal analysis.

✓12% per annum rate in line with SME-NBFI norm, short duration (9 months).

✓Established NBFI activity, solid Latvian legal framework.

Risques identifiés

!Sandbox Funding managing directors not identified in available file.

!No originator financial statements provided, guarantor strength not evaluable.

!Underlying loan pool not detailed: sectors, concentrations, NPL unknown.

!Absence of stress test and DSCR data on portfolio.

!Latvian stagflationary risk 2026 (growth 1.4%, inflation 3.6%) to monitor.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.