Modena - Risk and return review
Modena - Returns and loss rates
Modena – Platform statistics 2026
7068
investors
Modena – Pros & Cons
About Modena
What it is
Modena Capital is an Estonian platform where you invest in loan claims from Modena's own consumer loans and buy-now-pay-later contracts. It is run by Modena Estonia OÜ, a consumer lender founded in October 2019 and licensed as a creditor in Estonia since August 2021; the investment platform started in 2024. As of 1 November 2026 it has 7,068 users, €43,303,280 invested in total and €8,663,359 outstanding.
How it works
You deposit money, from €50, and the platform automatically spreads it across pools of Modena's loan claims. Repayments arrive daily and earnings are reinvested unless you set an automatic monthly payout to your bank account. Money sits either in a Dynamic Vault, from which you can ask to withdraw, or in a Fixed-Term Vault, which pays out at maturity.
Returns
Investors earned 8.83% a year on average over the last three months, according to the platform's live statistics (1 November 2026). The home page advertises up to 11% a year, and in another place up to 10% a year. Total earnings paid out so far are €443,772.
Losses and defaults
Losses on late loans are taken by Modena through the buyback, so the platform reports no investor losses. It publishes an 'average 12-month buyback percentage' of 1.58% (1 November 2026), the closest figure to a default rate, but does not say what it is measured against or whether it is a monthly or yearly share. Its 2025 results post gives two different revenue figures, €1,786,000 in the introduction and €1,633,000 in the review text.
What secures your money
The loans are unsecured consumer loans and buy-now-pay-later claims made by Modena itself, grouped into pools of hundreds of loans. The protection is a buyback by Modena: if a consumer does not repay on time, Modena automatically buys the claim back from you, around 35 to 90 days after the missed payment depending on the claim type. A buyback is not security: it is only as good as Modena's own finances, and Modena is the only lender on the platform. Modena reported a net profit of €231,943 for 2025 (audited), while investors had €8,663,359 outstanding on the platform on 1 November 2026. Modena says it keeps reserve funds of at least 15% of the outstanding loan value, without explaining what they consist of or how investors could use them. Investors' funds are held in segregated accounts, according to the platform.
Who runs it and its licence
Modena Estonia OÜ (Veerenni 38b, Tallinn) is a licensed creditor supervised by the Estonian Financial Supervision Authority. That licence covers consumer lending only: the platform's own footer says Modena is not a crowdfunding platform operator, investment firm or fund, and that investors' money is not a deposit and is not covered by the Estonian guarantee fund. It is not in the European register of crowdfunding providers (October 2026). A sister company, Modena Payments OÜ, has held a payment institution licence since May 2022. The 2025 accounts are audited.
Fees
Modena charges no fees for opening or keeping an account, depositing or withdrawing, according to its price list in force since 1 January 2024. It earns the difference between what borrowers pay and what investors receive.
Getting your money out
You can request a withdrawal from the Dynamic Vault to your cash balance at any time; the platform does not state how long it takes. Money in a Fixed-Term Vault comes back at maturity. No secondary market is described.
Our view
Return: Medium - investors earned 8.83% a year on average over the last three months (November 2026). Risk: High (higher means more risk) - all money goes to one consumer lender with a 2025 profit of €231,943, the 1.58% buyback figure is not defined, its 2025 results give two different revenue figures, and it holds no investment licence. Risk-return: Low - a mid-range return with all risk on one small lender.
Regulation
License / Regulation: No investment or crowdfunding licence - Modena Estonia OÜ is a licensed creditor (consumer credit) supervised by the Estonian Financial Supervision Authority (Finantsinspektsioon) since August 2021. The platform states that it is not a crowdfunding platform operator, investment firm or investment fund, and that investors' funds are not deposits and are not covered by the Estonian Guarantee Fund Act. It is not in the European register of crowdfunding service providers (October 2026).
Functionality
For Investors
Useful Information
Only as a lender. Modena Estonia OÜ is a licensed creditor supervised by the Estonian Financial Supervision Authority since August 2021. It states that it is not a crowdfunding platform, investment firm or fund, so investors do not have the protections those licences bring.
Modena says investors' funds are held in segregated accounts. The holding bank or payment institution is not named on the public pages.
€50. You can add more money at any time.
Investors earned 8.83% a year over the last three months (1 November 2026), and €443,772 in earnings has been paid out. Investors carry no losses as long as Modena buys back late claims; its 12-month buyback percentage is 1.58%, without a stated base.
Nothing but Modena's buyback. The loans are unsecured consumer loans; if a borrower misses payments, Modena buys the claim back after about 35 to 90 days. That protects you only while Modena itself can pay.
From the Dynamic Vault you can ask to withdraw at any time; the timing is not stated. Fixed-Term Vault money comes back at maturity. No secondary market is described.
None for the account, deposits or withdrawals, according to the price list in force since 1 January 2024.
Modena is both the lender and the buyback provider, so if it fails the buyback stops and you depend on what can be collected from the consumer loans. Investors' money is not a deposit and no guarantee fund covers it.
Modena Estonia OÜ reported an audited net profit of €231,943 for 2025. On 1 November 2026 investors had €8,663,359 outstanding on the platform and €43,303,280 invested in total since launch.
