Baltis - Risk and return review
Baltis - Returns and loss rates
Baltis – Platform statistics 2026
20000
investors
Baltis – Pros & Cons
About Baltis
What it is
Baltis is a French crowdfunding platform run by Baltis SAS in Paris, a company founded in 2015 and part of Groupe Magellim, a French investment group managing close to €5 billion (end of 2025). Its main product is short-term bonds issued by French property developers. Next to that it offers fractions of rental property (Puzzle by Baltis) and shares in young companies. The platform says more than €130 million has been raised and more than 20,000 investors have signed up (as of 30 September 2026). The website is in French only.
How it works
You choose individual projects and invest from €100. In the property bonds, a developer borrows for a set term, usually 6 to 24 months, at a fixed yearly rate; the bonds currently on offer pay about 9.5% to 12%. Interest and capital are due at the end or on a set schedule. Property bonds are the bulk of the book: 231 projects and €112.3 million financed from 2020 to 2026. Puzzle by Baltis has funded 15 projects (€2.87 million) and the start-up side 20 companies (€15.4 million). There is no automatic investing and no rating of projects.
Returns
The property bonds financed from 2020 to 2026 carry an average agreed rate of 11.73% a year, weighted by amount (platform page read 24 October 2026). This is the rate written into the contracts, not what investors actually received after late payments and losses; no such figure is published. The agreed rate has risen every year, from 8.33% for 2020 bonds to 11.80% for 2026 bonds. The home page also shows an average return of 10.7% without saying how it is measured. €8.80 million of interest has been paid so far. The 20 start-ups have had no sale or listing yet, so nothing has come back from that side.
Losses and defaults
A large part of the property book is late. Calculated from the platform's own figures, about 20.5% of all money lent through property bonds (€23.0 million of €112.3 million) was more than six months late or in insolvency or rescue proceedings in October 2026. That is about 38% of the money still outstanding. 65 projects were more than six months late, 32 were in proceedings and 15 more were up to six months late. The worst years are the 2023 bonds (about 38% of the amount in trouble) and 2024 bonds (about 29%). Two projects have ended in a final loss; the amounts are not published. 105 projects have been fully repaid. Independent tracking of investor portfolios points to about 28% of collected money more than six months late or insolvent in April 2026.
What secures your money
Baltis does not describe at platform level what secures its bonds. The security for each bond, if any, is set out only in that offer's key information sheet. There is no reserve fund and no buyback. The platform says it accepts fewer than 5% of the projects it reviews, but publishes no rules on valuations, loan-to-value limits or how late projects are followed up, and no figure for what has been recovered from failed projects. Shares in start-ups are not secured at all: if a company fails, the money is usually lost, and the only protections are the information and investor rights in each offer. For you this means that, with a fifth of the money lent in serious delay, you cannot see from the platform what you could fall back on.
Who runs it and its licence
Baltis SAS (Paris register 811 566 991) holds a European crowdfunding licence from the French market regulator, the AMF, number FP-2023-30, granted on 9 November 2023. The licence covers placing bonds and shares and passing on orders; it is not extended to other EU countries. No sanction by the regulator has been found.
Fees
Investors pay no fee to sign up, invest or receive repayments. The platform is paid by the companies and developers that raise money; Baltis does not publish how much.
Getting your money out
There is no market to sell your bonds or shares to other investors. Your money comes back only when the developer repays, which for a large share of projects has been well after the agreed date. Start-up shares can only be sold if the company is sold or listed.
Our view
Return: High — an average agreed rate of 11.73% a year on property bonds, though what investors actually received is not published. Risk: Very High (higher means more risk) — about a fifth of the money lent is more than six months late or in proceedings, the security behind the bonds is not described at platform level, and the performance page is undated with figures that do not add up. Risk-return: Low — a high agreed rate does not make up for this level of delay.
Regulation
License / Regulation: AMF (Autorité des marchés financiers, France): European crowdfunding service provider licence FP-2023-30, granted 9 November 2023 under Regulation (EU) 2020/1503 to Baltis SAS. Covers placing of bonds and shares and reception and transmission of orders; not passported to other EU countries.
Functionality
For Investors
Useful Information
Yes. Baltis SAS holds a European crowdfunding licence from the French regulator AMF, number FP-2023-30, granted on 9 November 2023. It covers bonds and shares and is not extended to other EU countries.
Lemonway, a French payment institution authorised by the ACPR, holds and moves investors' money. It does not pass through Baltis's own accounts.
€100 per project.
Property bonds financed from 2020 to 2026 carry an average agreed rate of 11.73% a year; what investors actually received is not published. In October 2026 about 20.5% of the money lent was more than six months late or in proceedings, and two projects had ended in a final loss of an undisclosed amount. The 20 start-ups funded have not returned any money yet.
Baltis does not describe the security behind its bonds at platform level; each offer's key information sheet states what, if anything, secures that bond. There is no reserve fund or buyback, and recoveries from failed projects are not published. Start-up shares are not secured at all.
No. There is no market to sell to other investors. Money comes back only when the developer repays, and for many projects that has been more than six months after the agreed date.
None as an investor. The companies and developers raising money pay the platform; Baltis does not publish how much.
Your bonds are claims on the developer, not on Baltis, and the money waiting in your account is held by Lemonway. If a developer fails, what you get back depends on that project's security and on recovery proceedings, which can take years. 32 projects were in such proceedings in October 2026.
Individuals aged 18 or over and companies with a bank account in the European Economic Area or an equivalent country may invest, but the website and documents are in French only and income is taxed under French rules at source.
