Sandbox Funding — LV0000113447 — 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 · 37.0/75

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Latvian law applied, well documented but less familiar jurisdiction

B1.3: 1/2 - Priority ranking claimed, not formally registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Originator Sandbox Funding named, managers not publicly identified

B2.2: 2/5 - Latvian NBFI, portfolio data limited in the file

B2.3: 2/3 - Previous operations on Debitum not documented

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

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantee from originator NBFI licenced by FCMC; no mortgage or pledge registered

B3.2: 2/4 - Financial strength not documented, information partial

B3.3: 2/2 - Originator NBFI licenced by FCMC constitutes financial institutional partner per SME-NBFI rules

B4 · Structure financière 6.0/15faible

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on pool of growing Latvian SME loans, data not detailed

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

B4.3: 0/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) data absent

B4.4: 1/2 - Operator margin partial on SME loans, taux de couverture de la dette not confirmed

B5 · Pré-commercialisation 3.0/10faible

Portfolio of active SME loans but diversification and concentration data not provided in the file
Sandbox Funding history not detailed → 3 pts (portfolio data insufficiently detailed)

B6 · Permis & Maturité 3.0/5

Sandbox Funding operates under valid FCMC Latvian licence
Established activity, valid licences documented
Complete legal documents but exact antiquity not specified → 3 pts

B7 · Marché & Localisation 2.0/3

Latvian SME loan market in convincing growth (+18.6% in 2025)
NPL under control, credit-to-GDP low at 29% indicates potential
Stagflationary risks and 2026 slowdown moderate the score → 2 pts

Points forts

✓Latvian SME loan market in strong documented growth in 2025

✓Debitum platform licenced by FCMC, no historical default published

✓Rate 11.5% within SME-NBFI norm, short duration 6 months limits exposure

✓NBFI originator benefits from recognised EU Latvian regulator licence

✓Risk rating B+ assigned by Debitum indicates moderate risk level

Risques identifiés

!Financial information on Sandbox Funding absent from the file (balance sheet, DSCR, default rate)

!Managers of the originator not publicly identified in the file

!Underlying pool of loans not detailed: concentration, sectors, quality not provided

!Indirect exposure via fractioned note - recourse limited in case of originator default

!Latvian GDP slowdown expected at 1.4% in 2026, stagflationary risks identified

⚠ 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.