Walliance Review - The Loss Line Is Printed, And It Is Not Zero

Italy’s oldest property crowdfunding platform, live since 2017, authorised by Consob under the EU crowdfunding regulation and passported into France. It is also, on the evidence we could gather, the most forthcoming platform in its national peer group: it publishes the Article 20 default rate the regulation asks for, and it prints an explicit final-default line that reads two projects and EUR 1,406,102 rather than the zero almost everyone else shows. That candour is the reason this review can tell you what it is about to tell you. On Walliance’s own numbers, EUR 56.8 million, a little over a quarter of every euro it has ever raised, sits in projects that are more than three months late, and EUR 39.5 million is in recovery or dispute proceedings.

What is Walliance in 60 seconds

Walliance connects retail investors with Italian and French property developers. You pick a single project, put in from EUR 500, and get your money back with a return when the development is sold or refinanced. What makes Walliance unusual is that it offers three different legal forms of the same exposure. In an equity deal you subscribe shares in the company that owns the project, so you are a part owner and your upside and downside both follow the outcome, with no interest rate and no promise of repayment. In a bond or loan deal you are a creditor with a stated rate and a repayment date. Sixty-two percent of the capital Walliance has raised is equity, which matters more than any other single fact in this review. Money is locked for the life of the project, there is no secondary market, and there is no investor compensation scheme.

Strengths

• It publishes the regulatory default rate, and almost no Italian peer does. Article 20 of Regulation (EU) 2020/1503, with the method set by Delegated Regulation (EU) 2022/2115, requires a crowdfunding platform to disclose an annual default rate on the loans it has offered, over non-overlapping twelve-month windows. Walliance publishes it, describes the method, and the number is not flattering: 0.00% for 2023, 0.00% for 2024, 20.00% for 2025, one loan in default out of five in the window, a three-year average of 6.69%, and a stated expectation of 30.00% for the AA band in 2026. Publishing your own forecast of a rising default rate is not something a platform does by accident.

• It prints a real final-loss figure instead of a zero. The status table on the statistics page carries a line called “of which in final default”: two projects, EUR 1,406,102, both equity. Across the French and Italian property platforms in this index, the loss line is either absent entirely or reads zero while a quarter of the book sits in proceedings. Walliance is the exception. The number is small relative to the book, and it will grow, but it exists.

• The status table is granular enough to argue with. Projects are split by instrument and then by state: financed, in progress, of which overdue by more than three months, of which in recovery or dispute proceedings, partially reimbursed, concluded and reimbursed, and of which overdue at the point of conclusion. That is more state detail than any other Italian platform we have reviewed publishes, and it is what makes the arithmetic in the next section possible.

• A genuine Consob authorisation and a real cross-border passport. Delibera 22878 of 08.11.2023 covers both limbs of the ECSP regime, loan facilitation and placing of transferable securities. The AMF records Walliance Group S.p.A. on its white list as authorised to provide crowdfunding services in France under the freedom to provide services from 25.11.2023. According to the Politecnico di Milano crowdinvesting report it is one of only three Italian platforms operating cross-border at all.

• Fees are unusually well aligned. There is no subscription fee, no management fee and no account fee. Walliance charges a 1.00% success fee on the invested amount at repayment, and only if the final annualised return reaches the estimate published in the project’s key investment information sheet. Its own fee page states that no fee applies if the investment does not produce the projections initially estimated. The Mangopay wallet is free to hold and free to top up by bank transfer, with a EUR 1 withdrawal fee since 01.12.2025.

Things to Watch

• On our arithmetic, 27% of every euro ever raised is in a project more than three months late. Walliance publishes the absolute figures and leaves the division to the reader, so this is CrowdIndex arithmetic on Walliance’s numbers, not a Walliance disclosure. Of EUR 87.3M still in progress, EUR 56.8M is more than three months overdue, which is 65% of live capital and 27% of the EUR 206.9M ever financed. By count, 48 of the 79 live projects are late. EUR 39.5M, being 19% of everything ever financed and 45% of live capital, is in recovery or dispute proceedings.

• The distress is concentrated in equity and bonds, which is where 87% of the money is. Again our arithmetic: of live bond capital, EUR 23.0M of EUR 25.5M is more than three months late, which is 90%, covering 30 of 36 live bond projects. Of live equity capital, EUR 31.7M of EUR 42.0M is late, which is 75%. Live loan capital is the cleanest at EUR 2.2M of EUR 19.8M, or 11%. The Article 20 default rate that Walliance is obliged to publish covers only the loans, so the regulatory disclosure measures the smallest and healthiest third of the book by design.

• “Concluded and reimbursed” includes loss-making exits and late exits. Walliance’s own help centre defines a project as completed when repayment occurred, and states in brackets that this includes partial repayment in operations that ended with a capital loss. The two final defaults sit inside the 127 concluded projects, not outside them. On our arithmetic, 28 of those 127 concluded projects, carrying EUR 53.9M or 46% of concluded capital, were more than three months overdue when they closed. A headline that says 127 projects concluded and reimbursed is doing a lot of work.

• Equity means the loss can be total, and most of the book is equity. In an equity deal there is no repayment obligation, which is precisely why Article 20 excludes it from the default-rate calculation. Both of Walliance’s final defaults are equity. An investor reading the 12.64% loan APR should be clear that only 13% of the platform’s capital is in that instrument.

• The homepage contradicts the statistics document, three ways. One block says over EUR 175 million invested, over EUR 90 million repaid and over 100,000 registered users. Another says 50 projects funded and EUR 179M raised. A third says 9.19% ROI, EUR 109M invested and over 70,000 users. None is dated and none matches the statistics document’s EUR 206.9M, EUR 130.2M and 9,105 investors. Registered users and investors are different metrics, but the raised and repaid figures are not.

• The SIM licence story needs correcting, including in our own older material. Walliance held an investment firm (SIM) authorisation from 08.11.2023, restricted from ever holding client money or instruments, and never exercised it. It applied to surrender the licence in October 2024 and was struck from the SIM register on 17.04.2025, changing its name from Walliance SIM S.p.A. to Walliance Group S.p.A. at the same time. There is no double licence today and there is no investor compensation scheme. Walliance’s public pages describing it as authorised by Consob and the Bank of Italy are loose: Consob authorises, the Bank of Italy is consulted.

How It Works

1. Register and complete identity checks. Open an account on walliance.eu and pass KYC (Know Your Customer, the anti-money-laundering identity verification) plus the appropriateness questionnaire the ECSP regime requires.
2. Fund the wallet. Money is held in a Mangopay electronic wallet. Bank transfer top-ups are free, card top-ups are not, and withdrawals cost EUR 1 since December 2025.
3. Pick a project and an instrument. Each offer comes with a key investment information sheet, a business plan and a stated risk band. Read whether you are buying equity, a bond or a loan, because the three behave completely differently when a project goes wrong. Minimum EUR 500.
4. Wait. The capital is locked until the development completes and exits. There is no on-platform secondary market. The only documented early exit is a privately negotiated transfer through Directa SIM, restricted to Italian resident individuals and to equity in Italian limited companies, at EUR 15 activation plus EUR 30 per project plus EUR 5 for a certificate.
5. Get repaid, or wait longer. On closing you receive capital plus any return, and Walliance takes 1.00% of the invested amount only if the final annualised return met the published estimate. If the project is late, it moves through the overdue and then the proceedings buckets you can see in the statistics table.

Who Walliance Is For

Walliance suits an investor who specifically wants Italian and French property development exposure, understands the difference between owning a slice of a project company and lending to one, can leave the money alone for well beyond the advertised term, and reads a status table before investing. The candour is the reason to choose it over a peer: a platform that prints a 20% default rate and a real loss figure is telling you the shape of the risk rather than hiding it, and the fee structure does not pay itself unless the deal performs as advertised.

It is a poor fit for anyone who needs liquidity, since there is no secondary market and the workaround is narrow and chargeable. It is a poor fit for a first P2P position, because the majority instrument is equity, where a bad outcome is not a delayed coupon but a lost stake. And it is a poor fit for anyone who wants regulatory cover of the compensation-scheme kind: the ECSP authorisation carries none, and the SIM licence that briefly existed was surrendered without ever being used.

Compared to Alternatives

Walliance vs. Maclear. Different supervision, different books, and a rare case where our own number one is behind on the paperwork. Walliance holds a full Consob authorisation under the EU crowdfunding regulation with direct supervision and a published Article 20 default rate. Maclear operates under Swiss self-regulatory organisation membership, which covers anti-money-laundering obligations only, is not investment-firm supervision, and carries no compensation scheme. On supervision and on disclosure Walliance is clearly ahead. On the book the comparison flips: Maclear lends across several European countries against SME collateral at rates near 14% with a clean record so far, though that record is short rather than tested, while Walliance can show you in its own table that a quarter of its capital is late. The honest reading is that Walliance’s numbers look worse partly because they exist.

Walliance vs. Mintos. These barely compete. Mintos is a MiFID II investment firm with investor compensation up to EUR 20,000 in eligible scenarios, a working secondary market, dozens of independent loan originators and average yields around 8% to 11%. Walliance is single-sector, illiquid, has no compensation scheme, and puts most of its capital into equity where the return is an outcome rather than a rate. Mintos wins on liquidity, diversification and formal investor protection. Walliance offers something Mintos does not, which is direct exposure to individual named property developments with a documented business plan, at the cost of concentration in one asset class and one credit cycle.

Walliance vs. La Premiere Brique. The closest comparison on the one thing this index cares about most. Both publish an Article 20 default rate, which almost none of their national peers do. La Premiere Brique prints 9.28% of all projects ever financed and 19.1% of running projects, and then a definitive-loss line of zero, which it has publicly said will not stay at zero. Walliance prints a 20.00% loan default rate for 2025 on a much smaller loan population, and a loss line that is already non-zero at two projects and EUR 1,406,102. La Premiere Brique is cheaper to diversify on, at EUR 1 against EUR 500, and its disclosure is published by vintage. Walliance is older, cross-border, offers three instruments rather than one, and is the only one of the two whose loss line has actually broken.

Walliance vs. Trusters and the Italian field. Trusters, on the same Italian market and the same Consob licence family, publishes no loss line at all: one project of EUR 200,000 is labelled a company default while 79 projects carrying EUR 15.6M sit in buckets its own footnote defines as more than 90 days late. Walliance is roughly twice the size, publishes the regulatory default rate Trusters does not, and shows its proceedings and its final defeats in the same table. That is the gap between the two cards’ scores. Against Recrowd and other Italian property lenders, Walliance’s edge is the same: not a better book, a legible one.

Frequently Asked Questions

Is Walliance regulated, and by whom? Yes. Consob authorised the operator as a crowdfunding service provider under Regulation (EU) 2020/1503 by delibera n. 22878 of 08.11.2023, for both loan facilitation and the placing of transferable securities. It is passported into France, recorded on the AMF white list from 25.11.2023. It is not an investment firm: it held a SIM licence from November 2023, never used it, and was struck from the SIM register on 17.04.2025.

Am I protected if a project fails or the platform fails? No compensation scheme applies. The ECSP authorisation does not include one, and the SIM licence that would have brought Walliance inside the Italian Fondo Nazionale di Garanzia was surrendered, and in any case barred the firm from holding client money. Separately, an Italian interministerial decree of 07.01.2026 extends the SME Guarantee Fund to crowdfunding transactions, covering up to 80% of the invested amount, but per Walliance’s own explanation it is not automatic, it is applied for by the platform project by project, and it is decided by Mediocredito Centrale subject to fund capacity.

What has actually been lost? Walliance’s own status table shows two projects in final default for EUR 1,406,102, both equity, out of EUR 206.9M financed. It does not name them. Separately, and this is CrowdIndex arithmetic rather than a Walliance disclosure, EUR 56.8M of live capital is more than three months overdue and EUR 39.5M is in recovery or dispute proceedings.

Does a project count as successful if investors lost money? It counts as concluded. Walliance’s help centre defines completion as repayment of the invested capital, explicitly including partial repayment in operations that ended with a capital loss. So the 127 concluded projects include the two final defaults and, on our arithmetic, 28 projects carrying EUR 53.9M that were more than three months late when they closed.

Can I sell before the project ends? Not on the platform. There is no on-platform secondary market. The only documented route is a privately negotiated transfer registered through Directa SIM under the Article 100-ter regime, limited to Italian resident individuals and to equity in Italian limited companies, costing EUR 15 to activate, EUR 30 per project and EUR 5 for a certificate. Assume your money is locked for the life of the deal.

Bottom Line

Walliance is the best-documented property crowdfunding platform in its national peer group and one of the very few anywhere in this index that publishes both the Article 20 default rate and a final-loss line that is not zero. It is also carrying real damage: on its own absolute figures, 27% of every euro it has ever raised is in a project more than three months late, 19% is in recovery or dispute proceedings, and the distress is concentrated in the equity and bond deals that make up 87% of the book. The two facts are connected, and the second is only knowable because of the first. This is a platform for a deliberately small allocation by an investor who understands equity risk, spread across several projects, using money that can stay put for years past the advertised term, and only after reading the status table on the statistics page rather than the numbers on the homepage.

Affiliate disclosure. CrowdIndex earns a commission when readers sign up to some platforms through links on this page. Walliance is not currently a CrowdIndex affiliate partner and the links above point to the platform directly. This does not affect our editorial assessment. Rankings follow the criteria documented on our Methodology page.