Sandbox Funding — LV0000113389 — 12.5%/an · 12 mois

Plateforme · 17.0/25

A1 · Statut réglementaire 5.0/8

FCMC investment licence (Latvia) obtained in September 2021
Recognised EU regulator, but investment licence ≠ explicit ECSP passport
Recognised EU equivalent → 5 points

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay >90 days 0% → 6/6
Actual return vs announced return not disclosed → 0/6
A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8, rounded to 5
Caveat: statistics cover ABS, not underlying loans

A3 · Rigueur de sélection 2.0/4

Transition to ABS model involves a structured selection process (FCMC licenced), but selection rate not published and process poorly detailed publicly → 2 points

A4 · Santé financière 3.0/4bon

Independent platform operational for >3 years (2021+), active in 2026, no platform distress signal identified
No known institutional shareholder → 3 points

A5 · Protection investisseurs 2.0/3

Investor protection EUR 20,000 provided by Latvian law (1 regulatory point)
FCMC licence implies continuity plan (1 point)
Secondary market or segregated escrow not confirmed → 0 points third criterion

Projet · 50.0/75

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Fractioned note on pool, ABS structure; Latvian law mentioned but dedicated société dédiée (SPV) not specified

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

B2 · Opérateur & Track record 10.0/15

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

B2.2: 5/5 - NBFI licensed FCMC >3 years, 0% portfolio loss rate, documented growth

B2.3: 2/3 - Ongoing operations with no incident reported on Debitum

B2.4: 1/3 - Power Capital incident (€1.785M delay covered by equity), tight balance sheet

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantee from originator on pool; no mortgage or pledge registered

B3.2: 2/4 - Sandbox balance sheet partially documented; Power Capital delay coverage demonstrates partial solvency

B3.3: 2/2 - NBFI licensed FCMC active >2 years constitutes financial institutional partner

B4 · Structure financière 11.0/15

B4.1: 4/5 - taux de couverture de la dette estimated 2.0-2.5 on basis 0% default and proven Power Capital coverage

B4.2: 3/4 - NBFI with proprietary portfolio and committed capital; €1.785M coverage from equity proven

B4.3: 3/4 - Scenario -20% absorbable; delay coverage proven in practice

B4.4: 1/2 - Estimated margin 2-5% for NBFI; precise data not provided

B5 · Pré-commercialisation 6.0/10

Active portfolio with correct diversification and partial documented history
0% default as at 03/2025
Detailed data on pool composition not provided

B6 · Permis & Maturité 5.0/5✓ max

Established activity >2 years, valid FCMC licence, Latvian legal structure in order, active licences

B7 · Marché & Localisation 2.0/3

Latvian SME credit market in growth (+18.6% in 2025, increased flow 2024 vs 2019)
Credit/GDP 29% = strong potential
GDP slowdown 2026 (1.4%) and stagflationary risks

Points forts

✓Originator NBFI licensed FCMC with 0% default documented as at 03/2025

✓Sandbox Funding covered from its own equity a delay of €1.785M (Power Capital)

✓Latvian SME credit market in strong growth (+18.6% in 2025)

✓Rate 12.5%/year within SME-NBFI norm, short duration 12 months

✓No red flag triggered on this project

Risques identifiés

!Sandbox Funding management not identified in file provided

!Detailed composition of underlying loan pool not provided

!Power Capital incident (€1.785M delay) reveals vulnerability of underlying portfolio

!Latvian GDP slowdown forecast at 1.4% in 2026 with inflationary pressures

!Fractioned ABS structure: rank and recourse on underlying assets not formally documented

⚠ 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.