Documents

When registering, an investor must present identification documents and complete an identification procedure to prevent money laundering risks. Registration requirements and restrictions on the Capitalia platform are set out in the Capitalia crowdfunding platform terms.

Before non-professional investors can start investing on the platform, Capitalia requests information on the potential investor's experience, investment objectives, financial situation and basic understanding of related risks. However, regardless of assessment results, investors make independent decisions and assume full investment risk, including the risk of partial or total loss of invested funds.

For diversification purposes, we recommend that all investors build a portfolio of at least ten project loans. The more diversified the portfolio, the lower its risk. The best way to achieve maximum diversification is to use the platform's automatic investing function.

If you are not an experienced investor, we recommend investing no more than 10% of your net worth in crowdfunding projects.

Capitalia's policy defines the minimum amount of information and documentation that must be submitted for Capitalia to start project assessment. After receiving all required information, Capitalia begins assessment of the Project owner and the project to determine whether the project meets platform requirements and to approve the project's credit risk and pricing.

• the Project owner is not bankrupt and has not fallen into financial distress;
• the Project owner has no criminal record related to commercial law, insolvency law, financial services law, anti-money laundering law, fraud law or professional liability obligations.

The decision to approve a project and its terms is made by the Investment Committee. The composition of the Investment Committee depends on project size. It consists of senior managers, including representatives of the risk management function.

The Investment Committee also determines the risk assessment and corresponding risk class for each approved project. The risk assessment of approved projects ranges from 60 to 100 points, and each assessment corresponds to a risk class from D to A+. The risk score and risk class are used to rank projects by expected losses over the full life cycle of the loan. Capitalia's risk grade does not indicate probability of default, but rather classifies projects by expected losses.

Each risk class has an applicable Risk markup. The table below summarises the risk markups used to price projects published on the platform.

The risk markup for each risk class is applied based on adjusted historical loan loss rates, adding an additional safety buffer for higher risk classes. Risk markups are based on performance of Capitalia loans issued from 2015 to 2025. Last updated 2026.02.20.

More information on credit risk and pricing is available here.

Full statistics on Capitalia's financed project portfolio, including mandatory default-rate information, is available here.

Information on concluded loan agreements, received and scheduled payments, and related documents is available to each investor after authentication on Capitalia's website in the My Loans section. Investors also have access to the Account statement section, where they can view loan cash-flow movements for a selected period.

After financing is disbursed to a company, Capitalia performs regular monitoring, including tax payment discipline, registered debts, registration data and other changes to reduce potential risks. If the Project owner significantly delays monthly payments, Capitalia contacts the Project owner and takes other actions to ensure compliance with loan agreement obligations.

If the Project owner defaults and cannot fulfil obligations arising from the loan agreement, Capitalia decides to start a recovery process. Debt recovery may include attempts to agree schedule restructuring with the client, initiating court proceedings for debt recovery, filing claims in bankruptcy or legal protection proceedings, assigning the case to an external collection agency, or selling the loan to a debt collection company. The decision must be based on maximising recovery prospects, taking into account costs and uncertainty related to the selected recovery approach. If approved solutions exceed powers granted to Capitalia under the Platform terms and conditions, the case is submitted to investor voting before implementation.

For revaluation of issued loans, Capitalia applies the provisioning policy set out below, taking into account overdue loan payments and other factors indicating serious impairment of loan value.

All restructured loans are automatically provisioned at 10%. Loans may be restructured only once, but if further amendments are made to the repayment schedule, the loan is considered under recovery and is assigned a workout repayment schedule. Capitalia's loan provisioning policy allows multiple exceptions and additional circumstances that may be applied in provisioning. Loan provisioning affects calculation of investor return (IRR), as shown in the dashboard (authentication required). The objective of the provisioning policy is to provide investors with a more realistic representation of investment returns from investing activities.

All projects are exposed to credit risk. Credit risk is potential loss in the event that the Project owner cannot meet contractual obligations to investors. This can be caused by various reasons, such as economic downturns, business failures, market volatility, regulatory changes and management failures, including fraud. Credit risk may also arise for companies that operate successfully and profitably if they operate with insufficient working capital liquidity or cannot refinance debt obligations at maturity. Credit risk should be considered especially in situations where principal repayment is scheduled at maturity rather than under a regular amortisation schedule.

Loans may be secured by collateral or an owner guarantee. Although Capitalia takes reasonable steps to assess collateral value, liquidity and other aspects, investors should be aware that in debt recovery there may be unforeseen difficulties in quickly enforcing or taking control over collateral, and collateral realisation value may differ from the determined market value. This situation may occur more prominently where the collateral asset is specific and low-liquidity.

An investment in a crowdfunding project on the Capitalia platform cannot be resold to third parties. Therefore, investors must consider that the investment is illiquid and must be held until repayment. If the Project owner delays repayment, the investment may need to be held even longer. Since the repayment date can be unpredictable, we recommend not investing funds that may be needed in the short term.

Income from investments on the platform may be subject to personal or corporate income tax depending on the investor's country of tax residence and legal status. All transfers to investors are made net of withheld taxes, where applicable. The tax rate may depend on the investor's country of tax residence. In the Account statement section, by selecting a specific reporting period, investors can download an automatically prepared Tax report.

• a company within the Capitalia group (including subsidiaries and parent companies);
• a company owned or controlled by a Capitalia shareholder (holding 20% or more of share capital),
• a company owned or controlled by a manager or employee of Capitalia or its group companies;

If a project published on the platform has other links to a Capitalia employee, shareholder, supervisory board or management board member, the person with the conflict of interest is not involved in project assessment or loan management in any way.

Capitalia allows persons related to Capitalia to register on the platform as investors, applying additional rules to prevent abuse of privileged access to project information. Capitalia related parties cannot invest in individual loans and are granted investment access only through the Autoinvest feature (individual loan portfolio management service).

Capitalia earns income by charging companies an origination fee of 1–5% for successfully funded transactions, as well as a recurring servicing fee added to interest payments. All Capitalia charges are shown in each project's Capitalia Interest section.

More information on Capitalia's conflict-of-interest policy is available here.

Capitalia has developed a business continuity plan to ensure servicing of outstanding project agreements if Capitalia suspends its operations.

Investor money is held with a regulated French payment institution (Lemonway), ensuring that investor funds are kept separate from Capitalia assets.