Kiwaï et Kiwaï Normandie - Risk and return review
Kiwaï et Kiwaï Normandie - Returns and loss rates
Kiwaï et Kiwaï Normandie – Pros & Cons
About Kiwaï et Kiwaï Normandie
What it is
Kiwaï is a regional crowdlending platform for green projects in Normandy, created on 15 November 2019 by the bank Caisse d'Epargne Normandie with the support of the Normandy Region. Its first projects went online at the end of January 2020. It says more than 40 projects have been funded and €4.4 million raised (undated, read November 2026). A national sister site, Kiwaï ENR, uses the same technology and licence for projects backed by other Caisses d'Epargne.
How it works
You lend to local projects in renewable energy, energy efficiency, waste and similar areas, usually through bonds. The project open in October 2026, a district heating network north of Caen, pays 4% a year over 60 months. In February 2024 the platform and the Region said investing starts at €20, the average investment was €1,392 and the average term five years.
Returns
Kiwaï publishes only the rate of each project, not an average or realised return. The current bond pays 4% a year for 60 months (October 2026). The platform describes its return as above the rate of the French Livret A savings account (February 2024). Because capital and interest due are covered by the bank's guarantee, the return you receive should equal the rate unless the guarantor fails, but no result is published.
Losses and defaults
No loss or default figure is published. The platform has held a European crowdfunding licence since September 2023, which requires a yearly default-rate disclosure, but none was found on its pages. No complaints or payment delays were found in public sources.
What secures your money
The loans are not backed by assets such as a mortgage or a pledge. Instead, the regional bank Caisse d'Epargne Normandie (BPCE group), which created the platform, guarantees 100% of the capital invested and the interest due, once a campaign has succeeded; for the national sister site the guarantor is a partner Caisse d'Epargne of the BPCE group. So your real exposure is to that bank, not to the project. A guarantee is not security in the strict sense: it is a promise to pay, and it is only as strong as the bank behind it. The platform publishes no figure on loans that failed or on payments the bank has made under the guarantee.
Who runs it and its licence
The platform is run by Kiwaï (company number 852 939 065, Bois-Guillaume, Normandy), created by Caisse d'Epargne Normandie. The French market regulator (AMF) approved it as a European crowdfunding service provider under number FP-2023-14; the register shows it authorised on 26 September 2023. In 2022 it received the French "Croissance verte" green-growth crowdfunding label. The bank that owns the platform is also the guarantor and often the borrowers' bank, which is a link of interest, though it is on the lenders' side through the guarantee.
Fees
Kiwaï does not set out its fees for lenders on a page that can be read without an account; the FAQ has a question on lender fees whose answer does not display publicly. Check the documents of each project before lending.
Getting your money out
There is no secondary market. You wait until the loan is repaid, typically over about five years. Withdrawal of cash from your account is handled in the FAQ, whose answers are not shown publicly.
Our view
Return: Very Low, because the current bond pays 4% a year for 60 months. Risk: High (higher means more risk): no loss figure is published, so investors cannot see how often money is lost; we start from the middle level, Medium, and move it one step worse. Caisse d'Epargne Normandie guarantees all capital and interest due, but a guarantee alone does not lower the level: it is only as strong as the bank. Risk-return: Very Low, because a 4% rate does not make up for a High risk level, and no realised return is published.
Regulation
License / Regulation: Kiwaï (company number 852 939 065) is approved by the French market regulator (AMF) as a European crowdfunding service provider under Regulation (EU) 2020/1503, number FP-2023-14, authorised on 26 September 2023. The national sister site Kiwaï ENR uses the same licence. No deposit guarantee or investor compensation scheme covers the loans; the bank guarantee is a separate contractual promise.
Functionality
For Investors
Useful Information
Yes. The French market regulator (AMF) approved Kiwaï as a European crowdfunding service provider under number FP-2023-14, authorised on 26 September 2023.
The platform does not name its payment provider on its public pages. Once a loan is made, your money is with the borrowing project, with repayment guaranteed by Caisse d'Epargne Normandie.
The platform and the Normandy Region said in February 2024 that investing starts at €20. The average investment was then €1,392.
The bond open in October 2026 pays 4% a year over 60 months. No average return and no loss or default figure is published.
No asset security. Caisse d'Epargne Normandie, which created the platform, guarantees 100% of the capital invested and the interest due once a campaign succeeds. The guarantee is only as strong as the bank.
The bank says the guarantee applies if the crowdfunding campaign succeeds. Projects on the national sister site are guaranteed by a partner Caisse d'Epargne of the BPCE group instead.
There is no secondary market, so you wait for the loan to be repaid, about five years on average.
The lender fees are not shown on the platform's public pages. Check each project's documents before lending.
If a project cannot pay, the guarantee from Caisse d'Epargne Normandie is meant to cover your capital and the interest due. If the bank itself failed, the guarantee would be at risk. No compensation scheme covers crowdfunding loans.
