Sandbox Funding — LV0000113363 — 11.5%/an · 6 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 · 40.0/75

B1 · Instrument & Structure 6.0/10

B1.1: 2/5 - Structured ABS note on pool, complex instrument

B1.2: 2/3 - Direct loan originator, Latvian law recognised

B1.3: 1/2 - Ranking not explicitly registered, no documented senior debt

B2 · Opérateur & Track record 6.0/15faible

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

B2.2: 2/5 - Latvian NBFI, limited track record, insufficient portfolio data

B2.3: 1/3 - First visible transaction on Debitum, partial reputation

B2.4: 1/3 - No insolvency procedure identified, financial statements not provided

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantee by NBFI licenced by FCMC, no mortgage on SME pool

B3.2: 2/4 - NBFI guarantor, equity not verifiable

B3.3: 2/2 - Sandbox Funding is NBFI licenced by BNB/FCMC, constitutes the institutional partner

B4 · Structure financière 6.0/15faible

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on SME pool, partial data

B4.2: 1/4 - Originator equity contribution not documented

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

B4.4: 1/2 - NBFI margin not disclosed, documented activity partial

B5 · Pré-commercialisation 6.0/10

Active SME portfolio, diversification assumed on loan pool
Partial track record of Sandbox Funding on Debitum
Scarce portfolio data → 6 points

B6 · Permis & Maturité 5.0/5✓ max

Established NBFI activity, valid FCMC Latvian licence, legal structure in order → 5 points

B7 · Marché & Localisation 2.0/3

Growing Latvian SME market (+18.6% outstanding 2025), strong demand, NBFIs expanding
Stagflationary risks and 2026 slowdown moderate the score → 2 points

Points forts

✓Latvian SME market strong growth, documented NBFI expansion

✓Sandbox Funding FCMC licenced, recognised institutional partner

✓Rate 11.5%/year within SME-NBFI norms, short duration (6 months)

✓Debitum platform operational >3 years, zero published ABS default

✓Debitum internal rating B+ indicates moderate risk per platform grid

Risques identifiés

!Sandbox Funding management not identified in file provided

!Sandbox Funding financial statements and equity not provided

!ABS instrument on pool: opacity of individual underlying loans

!Latvian GDP slowdown forecast 1.4% in 2026, inflation pressure

!No stress test or precise portfolio DSCR provided

⚠ 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.