VATEL DIRECT - Risk and return review
VATEL DIRECT - Returns and loss rates
VATEL DIRECT – Platform statistics 2026
VATEL DIRECT – Pros & Cons
About VATEL DIRECT
What it is
Vatel Direct is a French crowdfunding platform that lends to established, profitable small and mid-sized companies through bonds. It belongs to Vatel Capital, a Paris asset manager, whose funds invest alongside the crowd in many deals. Since 2016 it has financed 67 projects for €86.67 million, of which €48.87 million came from Vatel's own funds (as of 12 October 2026). It is clearly active: it repaid one bond early on 13 October 2026 and opened a new offer in September 2026.
How it works
Companies borrow usually €0.5 million to €5 million for two to five years through simple or convertible bonds. Unlike most property platforms, the bonds are repaid monthly, capital and interest, so the amount at risk falls over time. You choose each offer yourself; the platform suggests €500 per project to build a spread, and the latest offer accepted subscriptions from €100. Coupons on recent deals are 8% to 9.5% a year.
Returns
Across all projects since 2016, the bonds carry a weighted average rate of 6.84% a year before losses (as of 12 October 2026). The platform also publishes what investors actually earned after losses: an internal rate of return net of risk of 3.75% a year, which counts loans more than six months late or in insolvency as worth nothing and includes recoveries. By year of lending the net return ranges from 0% (2022 and 2023) to 6.94% (2018); the 2024 to 2026 loans show 7.7% to 9.26% so far but are too young to have had losses.
Losses and defaults
Five projects have ended in a final loss, with €3.20 million of capital never repaid: 3.69% of everything lent, calculated from the platform's own figures. Six more projects are over six months late (€2.40 million still due) and two are in insolvency proceedings (€0.49 million). Together, money lost or in serious trouble is 7.03% of all lending, 13 of 67 projects. One 2024 project is up to six months late with €1.50 million still due. The platform reports an annual cost of risk of 3.49% since 2016, peaking at 9.18% for 2023 lending (all as of 12 October 2026).
What secures your money
Vatel Direct publishes no general rule on security; it is set deal by deal and stated on each offer page. The latest offer, a hotel project, is backed by a guarantee from the borrower's parent company, which depends on that group being able to pay and is not security over an asset. There is no buyback, reserve fund or insurance. Monthly repayments reduce the capital at risk over time. Recoveries from failed loans are included in the net return but are not published as a separate figure.
Who runs it and its licence
The platform is run by Vatel Direct SAS (Paris, company number 814 648 119, share capital €200,000), part of the Vatel Capital group. The French market regulator (AMF) licensed it as a European crowdfunding service provider under number FP-2023-36. Vatel Capital's funds co-invest in many deals, which aligns interests but can also create conflicts in how deals are shared; a conflicts-of-interest policy is published. Investments are not covered by a deposit guarantee or investor compensation scheme.
Fees
Investors pay nothing: no fee to open or keep an account, to subscribe, to receive repayments or for payments through Lemonway. The borrowing companies pay the platform; the terms say issuer fees generally range from 4% to 6% including VAT, and the latest offer states at most 5% before VAT of the amount raised. Your own bank may charge for transfers.
Getting your money out
There is no secondary market: the platform says bonds cannot in principle be resold before maturity, so your money is tied up for 24 to 60 months depending on the offer. Because repayments are monthly, part of your capital comes back every month and can be reinvested or withdrawn.
Our view
Return: Low, resting on the weighted average coupon of 6.84% a year since 2016, before losses. Risk: High (higher means more risk), because 3.69% of all money lent has been lost for good and 7.03% is lost, more than six months late or in insolvency. Risk-return: Very low, resting on the 3.75% a year the platform itself reports after losses, with late loans written down in full. The platform deserves credit for publishing these figures in full.
Regulation
License / Regulation: Vatel Direct SAS (company number 814 648 119, Paris) holds a European crowdfunding service provider licence from the French market regulator (AMF), number FP-2023-36. It is also registered as a payment agent of Lemonway. Investments are not covered by a deposit guarantee or investor compensation scheme.
Functionality
For Investors
Useful Information
Yes. The French market regulator (AMF) licensed Vatel Direct SAS as a European crowdfunding service provider under number FP-2023-36. It belongs to the asset manager Vatel Capital.
Lemonway, a French licensed payment institution. Your money passes through a personal payment account there; Vatel Direct is Lemonway's payment agent. Once invested, your money is lent to the company through bonds.
It is set per offer. The platform suggests €500 per project to build a spread, and the latest offer in autumn 2026 accepted subscriptions from €100.
Bonds carry 6.84% a year on average since 2016, but after losses the platform reports 3.75% a year. Five projects ended in final losses (3.69% of all lending) and 7.03% of lending is lost, more than six months late or in insolvency (as of 12 October 2026).
It depends on the deal and is stated on each offer page. The latest offer is backed by a guarantee from the borrower's parent company, which is not security over an asset. There is no buyback or reserve fund. Monthly repayments reduce your capital at risk over time.
No. There is no secondary market, and bonds cannot in principle be resold before maturity, which is 24 to 60 months. Part of your capital comes back each month with the repayments.
None. Vatel Direct charges investors nothing at any stage; the borrowing companies pay its fees, generally 4% to 6% including VAT of the amount raised. Your bank may charge for transfers.
Your bonds are claims on the borrowing company, not on Vatel Direct, and your cash sits at Lemonway. If a borrower fails, you depend on any guarantee and on insolvency proceedings; the platform's net return already counts loans over six months late as lost. No compensation scheme applies.
The 3.75% net figure counts every loan more than six months late, in insolvency or in final loss as worth nothing, while the 6.84% is the rate before any loss. Lending from 2019 to 2023 was hit hardest: 2022 and 2023 loans show a 0% net return so far (12 October 2026).
