À propos
Invoice financing of 286,540 € for Accaelle Events (LB S.r.l.), Italian event organisation company based in Bergamo. The project consists in pre-financing a purchase order for 654,700 € relating to the design and operation of a cultural hospitality programme for Fondazione Teatro Donizetti. Duration of 17 months with capital repayment in fine and monthly interest.
Plateforme · 15.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence from AMF valid since 2023
- Maximum applicable score without reservation
A2 · Track Record
2.0/6faible
- Score adjusted using live data: official rates 0%/0% but documented opacity (borrowers in compulsory liquidation not recorded)
- Real statistics unpublishable - default N/C (0), delay N/C (0), yield N/C (0)
- Opacity penalty applied
- Score: 2/6
A3 · Rigueur de sélection
1.0/4faible
- Mention of risk scoring improvements in 2025, but documented financing of borrowers in collective insolvency proceedings indicates historically deficient selection
- No selection rate published
A4 · Santé financière
2.0/4
- Independent platform, agrément AMF since 2023, outstanding portfolio growing
- Lemonway operational blocks documented end 2025
- No institutional shareholders
- No signal of collective insolvency proceeding on the platform itself
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed: reflection period 4 days plus continuity plan = 1 mandatory point
- PSP Lemonway third party identified = 1 point (segregation)
- Absence of documented secondary market = 0 points
Projet · 48.0/75
(51.0 brut, red flags −3)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Invoice financing, direct ECSP loan documented, clear law
B1.2: 2/3 - Direct operator borrowing, well documented, recognised EU Italian law
B1.3: 1/2 - Priority rank claimed via payment delegation, not formally registered
B2 · Opérateur & Track record
8.0/15
B2.1: 2/4 - Helga LOCATELLI appointed manager, without detailed identifiable public profile
B2.2: 4/5 - taux de couverture de la dette 4.6, turnover 2.4M€, documented regular activity, Italian company active since 2017
B2.3: 1/3 - First transaction on Bienprêter, no platform history
B2.4: 1/3 - Bergamo registration confirmed; tight but positive balance sheet, gearing 0.36 healthy
B3 · Garanties & Sûretés
8.0/15
B3.1: 6/9 - Payment delegation on Fondazione Teatro Donizetti purchase order + manager personal guarantee; delegation on identified receivable
B3.2: 2/4 - Fondazione: equity 13.3M€, cash 2.16M€, debt 1.82M€, low gearing
B3.3: 0/2 - No identified banking partner, project <2M€
B4 · Structure financière
12.0/15bon
B4.1: 5/5 - Public debtor (public cultural foundation) with purchase order, single concentration but solid debtor
B4.2: 3/4 - Turnover 2.4M€, purchase order 654K€, partial self-financing
B4.3: 2/4 - taux de couverture de la dette 4.6 provides margin; stress test not presented but Loan-to-Value (ratio prêt/valeur actif) 43.77% structurally limits risk
B4.4: 2/2 - Net margin 8.8%, taux de couverture de la dette 4.6 > 2.0
B5 · Pré-commercialisation
8.0/10bon
- Receivable on public cultural foundation in Bergamo, documented purchase order for 654,700 €
- Purchase order mentioned but not formally attached; public investment grade debtor
- Score 8/10 in line with INVOICE grid
B6 · Permis & Maturité
5.0/5✓ max
- Activity established since 2017 (>2 years), legal documents in order (Bergamo Commercial Court), valid event licences
- Score 5/5 in line with INVOICE grid
B7 · Marché & Localisation
2.0/3
- INVOICE market on Italian public cultural debtor (Bergamo); solid foundation, stable sector
- Established market, stable trend according to live data
- Score 2/3
Points forts
Solid public debtor: Fondazione Teatro Donizetti, equity 13.3M€, cash 2.16M€
Operator DSCR high at 4.6, net margin 8.8%, healthy balance sheet
Purchase order represents 43.77% of total invoice, multiplier 2.28x
Payment delegation on identified receivable, clear INVOICE structure
Company active since 2017, turnover 2.4M€, low gearing at 0.36
Risques identifiés
Contract with Fondazione not yet signed at file date; important suspensive conditions
Rate 14.3-15.3%/year beyond INVOICE norm; verify that guarantees compensate
Personal guarantee Helga LOCATELLI not notarised, assets not documented
First transaction on Bienprêter, no platform history for this borrower
Bienprêter platform: track record opacity, documented Lemonway blockages 2025
⚠ 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.