Walliance AI Overview on 11/2025

Overview of Walliance Platform 🏠

Walliance is an Italian-based real estate crowdfunding platform that allows retail investors to invest in property development and renewable energy projects online. Founded in 2016, it was the first platform in Italy authorized by CONSOB for real estate equity crowdfunding (2017) and has since expanded across Europe (France in 2020, Spain in 2023). Walliance operates an investment crowdfunding model: investors pool funds to finance real estate ventures (residential, commercial, or green energy) in exchange for equity stakes or fixed-interest loans. Key advantages include a low minimum investment (€500), access to professionally vetted property deals, and the ability to diversify into real estate without large capital outlay . The platform reports over €175 million total funding raised (with ~50 projects funded) and 100,000+ registered users as of 2024, reflecting its leading position in Italy’s market (≈59% share by mid-2023). However, risks are significant – real estate investments are illiquid and project outcomes can vary, meaning investors face potential delays or even total loss of capital in worst cases (⚠️ more on risks below). Overall, Walliance offers a transparent, regulated marketplace for alternative property investments, combining tech-driven convenience with the familiarity of “brick-and-mortar” assets.

Walliance Investment Product Offerings

Investment Products: Walliance gives investors access to several real estate investment formats, primarily equity stakes, but also mezzanine loans, direct lending, and minibonds (debt securities) for property projects. In equity crowdfunding deals, investors become shareholders of a special-purpose vehicle (SPV) or project company, sharing in the profits when the development is completed and sold – if the project succeeds, they receive back their capital plus a return dependent on project profits. In real estate debt crowdfunding, investors act as lenders or bondholders: they lend money to the developer’s company and earn a fixed interest rate, with capital and interest repaid by a set maturity date . Walliance’s product range also includes a new “Walliance Green” category for sustainable energy projects and a forthcoming “Landlord” program (launching Q1 2025) that lets investors co-own income properties to earn rental yields ~5–8% annually . Each project listing clearly specifies the instrument (equity vs. lending), its target return, term, and structure – e.g. typical development deals have an 18–36 month horizon with expected total ROI often in the 10–15% range, while lending deals may run ~12–24 months at lower fixed yields (but with priority for repayment) . Geographic focus: Walliance started with Italian projects but now features deals in multiple countries – primarily Italy and France, and also Spain since 2023; it even introduced opportunities in the United States through partners, widening sector and regional diversification. Legal/Structural Setup: Investments are made via the Walliance online portal into the offering company (often an SPV). Investor funds are held in escrow (with partner bank) until the funding round closes. If a minimum funding threshold isn’t met, money is returned; if successful, equity shares or debt instruments are issued to investors proportionally. Notably, Walliance pioneered a “rubricazione” mechanism in partnership with an Italian brokerage, which registers shares in street name – this innovation allows investors to later transfer or sell their investment stakes more easily (enhancing liquidity) by reassigning the shares to a buyer via the broker. Investment limits: The minimum ticket is €500, making participation accessible. There is no fixed maximum per campaign for eligible investors, though very large investments may be subject to additional verification (and “Première” account status – see below). Major Risk Points: Investors should be aware of the inherent risks: real estate projects can default or fail (if the developer goes bankrupt or the project is not completed/sold, equity investors could lose most or all of their capital, and lenders may face non-payment). Additionally, these investments are highly illiquid – funds are locked for the project’s duration with no guarantee of early exit. Project timelines often run late (delays of several months are common) due to construction or market issues, which can postpone returns or erode profitability. Even successful projects might deliver lower-than-expected returns if costs overrun or sales underperform, and no returns are guaranteed. Walliance itself provides no capital guarantee or insurance – investors bear full risk of loss, underscoring the importance of diversifying and investing only money one can afford to tie up long-term (or potentially lose).

Walliance Company Background and Regulation 🏢

Company History & Founders: Walliance was founded in Trento, Italy in 2016 by entrepreneur Giacomo Bertoldi (CEO) along with his brother Gianluca Bertoldi and partner Marco Mongera. The venture was incubated within the Bertoldi family’s holding company, and the founders – in their late 20s at the time – set out to “import” the online real estate investing model to Italy. Walliance launched its first project in September 2017 and quickly gained recognition as Italy’s first authorized real estate crowdfunding portal. Early growth was supported by strategic investors: in 2017 the platform raised €750K seed funding from Trentino Invest (a local financial consortium) and MAK Investments (a Trentino construction group), which took equity stakes. Ownership and Partners: Today Walliance is structured as Walliance S.p.A., still led by CEO Giacomo Bertoldi and the founding team. It remains under the Bertoldi Group’s umbrella, with external backers including regional finance companies and possibly other fintech investors (Walliance’s parent company had invested in startups like Satispay and Oval Money). In 2023 Walliance made a notable acquisition of Lymo Finance, a French real estate crowdfunding platform, to strengthen its presence in France . The company now has offices in 4 countries (Italy, France, Spain, and an outpost in the US) and a team of ~17 people drawn from multiple nationalities. Regulation & Licenses: Walliance is a fully regulated financial intermediary. Initially it operated under Italy’s equity crowdfunding law (supervised by CONSOB, the Italian securities regulator) – CONSOB granted Walliance authorization in March 2017 as the first portal dedicated to real estate. With the new EU Crowdfunding Regulation (ECSP) coming into effect, Walliance obtained its European Crowdfunding Service Provider license on 8 November 2023, just before the deadline . This EU passport now allows Walliance to offer cross-border crowdfunding services under a single framework. Indeed, Walliance is authorized to operate in multiple EU countries – by 2024 it had regulatory approval not only in Italy but also in France (via local regulator AMF/ORIAS) and in Spain (CNMV), enabling it to host projects and investors from those markets [4]. The platform must comply with stringent investor protection rules: for example, conducting appropriateness tests for non-sophisticated investors, providing Key Investment Information Sheets (KIIS) for each offering, and observing advertising and reporting standards per ECSP rules. Supervision: Walliance is subject to oversight by CONSOB in Italy (its home regulator) and falls under EU-wide supervision for crowdfunding. It is also a member of industry associations like Italy’s Assofintech and collaborates with academic bodies (Politecnico di Milano) to promote best practices. To date, Walliance has not faced any regulatory sanctions or warnings – it is generally viewed as a compliant and transparent operator in good standing. The company’s legal structure includes the main Walliance S.p.A. in Italy and subsidiaries or local entities for France (Walliance France) and Spain, as well as a new advisory division (Walliance 500 – see Success Stories) launched in 2025.

Walliance Volumes and Performance Results 📊

Funding Volumes: Walliance has exhibited strong growth in funding activity since launch. By the end of 2019 it had facilitated ~€10 million in total investments; this accelerated to over €61.8 million by mid-2022 (across 38 projects) . As of 2024, the platform reports cumulative funding raised around €175–180 million for real estate projects, with roughly 50 projects funded successfully. (This makes Walliance the largest real estate crowdfunding platform in Italy – it held an estimated 59% market share in the segment by mid-2023, according to Politecnico di Milano research.) The number of investors using Walliance has expanded from ~3,800 active investors in 2022 to tens of thousands today; in total, 100,000+ users have registered on the platform (many sign-ups monitor deals even if not all invest). Project Outcomes: Out of the projects funded since 2017, a significant subset have reached completion (“exits”), returning capital (and hopefully profits) to investors. By late 2024, 21 projects had fully concluded, and Walliance stated that over €90 million had been reimbursed back to investors (principal + returns) [1]. The track record so far is generally positive: most projects have returned capital with a profit, and no investor has lost money due to fraud or platform failure (Walliance itself doesn’t handle projects’ money aside from escrow). Returns: For completed deals, the platform’s average realized return is around 9% annualized. Specifically, Walliance discloses an average annual ROI of ~9.2% for investors on past projects (this figure is net of project costs but gross of taxes) . In absolute terms, a typical successful development might have yielded 10–20% total profit over 1–2 years. Some standout results: an early project in Alto Adige delivered 8.4% total return in just 13 months (above its initial forecast) , and another in Jesolo returned 6.8% total over about 2 years (a bit below forecast, but still positive). However, returns have varied widely by project. Default and Losses: Importantly, a few projects have experienced problems. At least one project has resulted in a partial capital loss for investors – for example, a development in Florence (“Il Poeta Fiorentino”) struggled and investors ultimately suffered an estimated 32% loss of principal (only ~68% of their capital was recovered) . Until 2024 this was the only concluded deal with a loss, but several ongoing projects have faced significant delays and risk of underperformance. By mid-2025, investor reports indicate one project may have incurred a 100% loss (total failure) and another around 27% loss, showing that worst-case scenarios can occur. Delays/Overdues: Delayed project timelines are fairly common – the average delay for completed projects has been about 5 months beyond the original schedule, and many active projects in 2024 were running 6–12+ months late [10]. Walliance notes that some deals include preferential return clauses, meaning if a project is late, the developer owes extra interest to investors for the waiting period; indeed, in cases of late exits so far, investors often received additional compensation for the delay (when the developer honored these clauses). Default Rate: In equity crowdfunding, “default” isn’t always clear-cut, but effectively only 1–2 out of ~50 deals have failed to return full capital, implying a default/total-loss rate to date of roughly 2–4% of projects. Nonetheless, more projects are still in progress and their outcomes remain uncertain. Investor Returns Distribution: On the upside, a portion of projects have exceeded their initial return projections (some delivering a few percentage points higher ROI than expected). On the downside, a few have delivered zero or negative returns. Walliance’s investors so far have seen an overall net IRR in the mid-single digits – one diversified investor calculated a 5.8% net annual return on their Walliance portfolio after accounting for all delays and one partial loss [10]. This suggests that while headline ROI figures can be ~10%+, real-world net returns after delays and taxes may land closer to ~5–7% yearly. All performance data should be viewed with caution: past returns are not indicative of future results, especially as market conditions (e.g. higher interest rates in 2023–2025) have changed the real estate landscape.

Walliance Risk Management and Project Selection ⚠️

Project Selection Process: Walliance employs a rigorous multi-stage due diligence process to vet every deal before it’s offered to investors. According to the company, typically only 5–10% of submitted projects pass their screening. The process consists of four main phases: (1) Preliminary review – the team evaluates the developer’s background, project concept, and financial plan at a high level; (2) Detailed due diligence – an in-depth analysis of the project’s business plan, legal permits, market feasibility, and financial projections is conducted. This includes verifying zoning and building permits, checking that the developer has solid financials and experience, and assessing risks (construction, sales, etc.). Walliance also examines ESG criteria at this stage, favoring projects that meet environmental and sustainability standards . (3) Investment Committee approval – the project must be approved by an internal committee (which has included Walliance’s CFO/real estate chief Marco Mongera and other experts). Each project’s sponsor (company directors) is checked for legal “honorability and professionalism” requirements, per regulatory rules. (4) Structuring – if approved, Walliance helps structure the offer (SPV setup, terms) and prepares a detailed Investment Memorandum/KIIS for investors. Notably, Walliance has a policy that it “accepts only operations capable of generating at least a 10% ROI for investors” – in other words, deals are filtered so that, on paper, the projected returns meet a minimum hurdle (to justify the risk). Risk Scoring: While Walliance doesn’t publish a formal risk rating for each project, it does disclose all relevant risk factors in the offering documents. Some projects may carry extra safeguards – for instance, certain lending deals are secured by a mortgage on the property or a corporate guarantee from the developer, which is indicated in the offer if applicable. Walliance’s stringent selection is evidenced by its track record: as of 2023, every project listed had successfully reached its funding goal, implying that investors trust the curation process. Diversification and Limits: The platform encourages investors to diversify across different projects and sets investment limits for non-sophisticated investors as required by regulation (retail investors must complete an appropriateness test and acknowledge risks, especially if investing large amounts). Under ECSP rules, if a retail investor’s total investments exceed €1,000 or 5% of their net worth, they have to undergo a simulation of loss scenario to prove they understand the potential for losing at least 10% of their portfolio. Monitoring & Reporting: Once a project is live, Walliance continuously monitors its progress. Developers are required to provide quarterly updates on construction and sales status. Walliance has implemented a periodic Project Report that investors can access, which tracks milestones and any deviations from the original plan. In fact, transparency is a cornerstone: investors can follow along via the online dashboard and even directly communicate with project promoters through a built-in messaging system on the platform. If issues arise (e.g. delays or cost changes), Walliance communicates these through updates. For projects facing trouble (delays beyond a certain threshold or risk of default), Walliance may convene investor meetings or seek legal remedies on behalf of investors (for debt deals, this could mean assisting with enforcement or restructuring, though such cases are rare so far). Funds Handling: To minimize risk of fraud/misuse, investor funds are kept in a segregated wallet (MangoPay e-wallet) and then in an escrow account at partner Banca Finint until the funding round closes. The developer only receives the funds after the campaign is successfully closed and all conditions met – if a campaign fails or is canceled, the money is returned to investors. Walliance itself does not touch the funds directly, reducing operational risk. No Investment Advice: Walliance is careful to operate as a neutral intermediary: it does not provide personalized investment advice or recommendations. Investors must perform their own due diligence (Walliance provides ample documentation, including financial plans, market studies, etc., to facilitate this). Risk Warnings: The platform prominently displays risk warnings – reminding users that investing in these projects carries the risk of partial or total capital loss and liquidity risk, and that past performance is not a reliable indicator of future results. This frank disclosure is part of compliance but also reflects Walliance’s effort to ensure investors are aware of the realities of alternative investments. In summary, Walliance’s risk management relies on strict upfront selection, ongoing oversight of project execution, and full transparency to investors – but once a project is funded, the outcome depends on the developer’s success and market conditions, so investors must share in those risks fully.

Walliance Platform Features and Functionality 💻

Walliance’s platform offers a modern, user-friendly interface with features designed to make real estate investing accessible and convenient:

• Deal Discovery and Research: Investors can browse available opportunities on the website or mobile app, each with a detailed project page. Walliance provides a complete set of documentation for every deal – business plan, financial model, legal info, renderings, etc. The platform recently integrated an AI-powered chatbot to help users analyze these documents: investors can ask questions (in natural language) about a project (e.g. “Does the developer have all permits?” or “What guarantees are in place for investors?”) and get answers drawn from the documentation . This AI assistant, introduced in 2024, aims to improve due diligence efficiency for users. Walliance also has a “Learn” educational section with guides on investing.

• Investor Dashboard: Upon investing, users get access to a personal dashboard tracking all their investments. The dashboard shows key metrics like amount invested, project status (e.g. “fundraising,” “in progress,” or “concluded”), expected maturity date, and any returns paid. There is a dedicated Reports area where updates for each project are posted by the developer, so investors can monitor progress in real time. The platform sends email notifications when new updates are available or when important milestones are reached (e.g. construction completed, units sold, etc.). Investors can also download periodic reports and financial statements from this area.

• Auto-Invest & Diversification Tools: Unlike some P2P lending platforms, Walliance does not typically offer an auto-invest feature – because each project is unique and investors are encouraged to select deals individually after reviewing details. However, the platform’s frequent deal flow (often a few projects per month) allows investors to manually diversify across many opportunities. Walliance’s team often highlights the benefit of diversifying by project type and geography (for example, an investor could split €5,000 across 10 projects rather than put it all in one). The platform’s statistics page shows aggregate performance, helping users gauge overall portfolio returns.

• Secondary Market: Acknowledging the liquidity issue, Walliance provides a secondary market service (or “bulletin board”) where investors can sell their investments to others. This was initially implemented via an agreement with Directa SIM in 2019, allowing transfer of equity quotas by assigning them to new buyers off-platform [9]. Under the new EU rules, Walliance has formalized an electronic bulletin board: investors can indicate interest to sell, and other registered users can express interest to buy those shares or bonds. While this is not a guaranteed or instant exit (reselling depends on finding a buyer), it offers a chance for early liquidity. The secondary trades are executed through the regulated intermediary (to handle the actual share transfer). Note: Secondary market activity on Walliance is still developing – many investors hold to maturity, but the option is there, adding flexibility.

• Premiere Accounts: Walliance offers a premium membership tier called “Walliance Première” for larger investors. There are Gold and Black levels with higher minimums (€10k and €25k per project respectively, and overall portfolio thresholds). Premiere members get perks like early access to new offerings (e.g. 24-hour priority window to invest in popular deals), dedicated account managers, enhanced reporting, and in the case of Black, even free “rubrication” service (which facilitates secondary transfers) and exclusive events. Importantly, even Premiere investors pay no additional fees – the program is meant to enhance service for high-net-worth individuals, and require them to be classified as sophisticated/professional investors under MiFID II criteria.

• Payments and Wallet: Investors can fund their Walliance wallet via bank transfer or credit card (Walliance supports Visa/Mastercard). The platform uses MangoPay to manage the e-wallet – each user has a virtual account where their uninvested funds or returned payouts are held. Wallets can be in EUR (Walliance’s operating currency is Euro; multiple currencies are not supported, so non-euro investors need conversion). The wallet balance can be withdrawn to the user’s bank at any time free of charge.

• Languages and Accessibility: Walliance is a multi-lingual platform, reflecting its international expansion. The website/app is available in Italian, English, Spanish, and French . Investors from many countries can register (as long as they pass KYC checks), which has led to a community of investors from over 30+ countries. All investment documents are typically provided in at least English and Italian.

• Mobile App: Walliance offers a mobile app (iOS and Android) so that users can browse deals and invest on the go. The app includes biometric login, push notifications for new deals, and all the same dashboard features of the web platform.

• Support and Community: The platform provides investor support via a built-in live chat (Intercom) and email/phone. They report a high responsiveness to inquiries (91% of negative Trustpilot reviews get a company response, usually within 2 weeks). Walliance also engages its community with referral promotions (e.g. a referral program offers €100 credits) and events/webinars to discuss new projects. There’s an emphasis on transparency – for example, Walliance publishes a quarterly newsletter and annual Real Estate Crowdfunding Report (in partnership with Politecnico di Milano) to keep investors informed of industry trends.

• Security and Tech: The platform uses standard encryption (HTTPS) for data, and user accounts have two-factor authentication options. Investments are confirmed via digital contracts. No major security breaches have been reported.
  Overall, Walliance’s functionality is quite robust for a crowdfunding site – combining fintech convenience (apps, AI chatbot, digital wallet) with features tailored to real estate investing (document-heavy analysis, progress tracking, and a path to liquidity via secondary trades). This comprehensive toolkit aims to give investors a “professional” experience, whether they invest €500 or €50,000.

Walliance Fees and Pricing Structure 💶

Fees for Investors: Walliance is very attractive to investors in that it charges no upfront or ongoing fees to those investing. Creating an account is free, and investors pay 0% in commission on the amount they invest – no subscription fee, no annual management fee, and no transaction fee when making an investment. When a project pays out, Walliance also does not take any cut of the returns in normal cases – the full amount of principal and profit goes to the investors. This fee-free model for investors has been a big selling point, making it cheaper than many investment funds. However, there is one notable exception recently introduced: if a project performs exceptionally well, Walliance may apply a performance fee on the investor’s returns. Specifically, if the actual ROI meets or exceeds the initially projected return, the platform takes a small success commission out of the investor’s profit . (For example, if a project had a forecast 10% return and it delivers say 12%, Walliance might keep a portion of that profit as a bonus fee.) This aligns the platform’s incentive with investors’ outcomes, though the exact percentage of this performance fee is not publicly disclosed. It’s important to note that this only applies when returns are at or above projections – if a project underperforms, investors don’t owe any fee on what they do get back. Aside from that, investors may incur third-party fees: for instance, if using credit card, a small processing fee might be embedded in the transfer rate, or currency conversion fees if they invest from a non-EUR account. But Walliance itself does not charge deposit or withdrawal fees for the wallet. There are no exit fees charged by Walliance for selling on the secondary market either (though any legal costs of transfer might be borne by the seller/buyer nominally).
Fees for Fundraisers (Developers): Walliance monetizes primarily by charging the project sponsor companies. The standard model is a success fee (commission) on the funds raised. The developer only pays if the fundraising is successful (i.e. at least the minimum target is reached). According to Walliance, this success fee is negotiated per project and typically is a percentage of the total capital raised – industry averages in Italy are around 5–7% . For example, if a project raised €1,000,000, Walliance might take ~€50,000 as its fee from the project company. This fee covers the platform’s services: listing the offer, access to the investor network, handling payment flows, etc. It’s usually deducted from the funds at the time of transfer (so the company receives net funding after fees). Walliance does not charge companies any fee if the campaign fails to reach minimum funding – this encourages them to be selective with projects as well. In addition to success fees, Walliance may charge ancillary fees to issuers for extra services. For instance, if the project wants promotional visibility or advisory services beyond the standard package, there could be arrangements (especially now that Walliance has an advisory arm, Walliance500). But for a typical crowdfunding raise, the main cost to the company is the success commission. The platform prides itself on transparency of pricing – all terms are spelled out in the contract the issuer signs. There are no hidden costs for the investors’ side; on the fundraiser side, any due diligence or legal costs (setting up the SPV, etc.) might either be borne by the project or baked into the fee. Walliance sometimes even invests its own resources in vetting projects (e.g. due diligence costs) at its expense, only recouped via the success fee.
Tax Considerations: While not exactly a “fee,” investors should factor in taxes on their returns. In Italy, equity crowdfunding investment returns (dividends from the SPV or capital gains) are subject to a 26% withholding tax, which the distributing company typically withholds for individual investors. This means individuals usually receive net returns already taxed (and don’t need to declare them in annual tax filings, as the company acts as tax substitute). For interest from lending investments, similarly a 26% tax may apply on interest paid. Foreign investors may face different tax treatment and should consult advisors, but no fee from Walliance itself applies – any taxation is by law.
Pricing Transparency: Walliance’s help center and user materials clearly state “investing with Walliance costs nothing for the investor”. The platform also highlights that its interests are aligned with investors – it earns money only when a raise succeeds (and, now, when projects succeed above expectation). This model is quite transparent and investor-friendly, as you won’t see surprise charges. On Trustpilot, some investors have noted cynically that “the gains are all theirs, the losses all mine” – referencing that Walliance collects its fee from the raise regardless of outcome. It’s true the platform gets paid when a deal is funded (not when it finishes), so it’s crucial for investors to rely on the due diligence rather than assuming platform income is tied to project success (beyond reputation). Overall, Walliance’s pricing is straightforward: no direct fees to invest, and project sponsors pay a success-based commission. This encourages a high volume of investors to participate freely, while the platform earns by delivering quality deals that attract funding.

Negative Publicity about Walliance 🚩

Despite its generally positive reputation, Walliance has encountered some negative publicity and criticism, mostly related to project issues and investor dissatisfaction when things go wrong:

• Project Delays and Failures: The most prominent concerns come from investors on forums and review sites noting that certain projects have faced serious delays or losses. For example, one Trustpilot review (1-star) from July 2025 by an investor recounts “2 investments made: in the first, capital lost 100%; in the second, a 27.29% loss”, concluding bitterly that “the gains are all for [Walliance], the losses all on the investor”. This highlights that at least one Walliance-funded project ended in total failure (investors losing their entire stake). Other users mention projects like Il Poeta Fiorentino which ended with a partial loss. Such cases are red flags for prospective investors, showing that while many projects succeed, not all do – and one’s money is truly at risk of total loss. Walliance does communicate these outcomes (usually via project updates), but they certainly hurt the platform’s image of reliable returns.

• Investor Criticisms – Returns vs. Risks: On the Italian forum FinanzaOnline, experienced crowdinvestors have debated Walliance’s performance. A common criticism in 2024–2025 is that net returns don’t justify the risk: after accounting for delays and taxes, some investors realized only ~5% annual net gains, which in the current environment is comparable to risk-free bonds. One investor stated, “for net yields of 5-6%, the game is not worth the candle given the notable capital risks”, urging that such returns no longer compensate for the illiquidity and uncertainty. Others agreed, especially as interest rates rose (making alternative investments relatively less attractive). These discussions suggest a level of dissatisfaction among sophisticated users who expected higher returns. Walliance has to manage expectations in this new climate.

• Communication and Transparency Issues: Some isolated complaints mention communication lapses – e.g. a user complaining they weren’t informed clearly about a new e-wallet requirement (MangoPay KYC) causing temporary account access issues [10]. However, overall Walliance is regarded as transparent. The platform actively responds to negative reviews (it has replied to ~91% of bad Trustpilot reviews, often explaining the situation) [15]. The most damaging transparency issue inherent in the model is that Walliance earns its fee when funding is raised, not contingent on project success – a conflict of interest that a few investors point out. The platform mitigates this by curating deals strictly, but it’s a structural critique.

• Controversies or Legal Disputes: There have been no major public scandals involving Walliance such as fraud or regulatory crackdowns. One area of potential contention was regulatory transition in 2022–2023: as EU rules came in, platforms had to pause new projects until they got licensed. Some Italian competitors struggled or closed; Walliance fortunately secured authorization by Nov 2023, but there may have been a slow period. No public regulatory warnings were issued to Walliance, though.

• Forum Discussions on Defaults: On forum threads, users have shared the details of troubled campaigns, raising questions about what happens when a project sponsor defaults. In one case, investors noted that they are pursuing legal action to recover funds from a failed project (since equity holders are residual claimants, recovery is challenging). These instances are isolated but serve as warnings. It’s also noted that Walliance’s Italian projects often involved subordinate arrangements – e.g., the developer might have bank financing alongside crowdfunding; if things go awry, bank lenders get priority over crowd investors. Some critics argue this structure puts crowd investors at higher risk for modest returns.

• Competitor and Media Critiques: Some Italian blogs that compare crowdfunding platforms have pointed out that Walliance’s strength (big projects, often with established developers) can also be a weakness – larger projects can take longer and encounter bigger hurdles. A few competitors have lower default rates (though often with smaller deals). Additionally, Walliance’s expansion abroad drew some skepticism initially (“could they manage foreign deals well?”). In practice, their French operations (boosted by acquiring Lymo) and first Spanish projects have gone ahead without issue known, so these concerns have been muted.

• No Known Scams: It’s worth noting that no accusations of scam or malpractice have surfaced against Walliance. The negative points revolve around the inherent risks of the investments and whether those were worth it – rather than any wrongdoing by the platform. Walliance’s response to project failures has generally been to update investors and, if possible, enforce guarantees. For example, some reviewers mention that if a project goes significantly delayed, “garanzie scattano” (guarantees kick in) – implying Walliance helped trigger contractual guarantees to compensate investors after a certain point [15]. This is a positive aspect, though not all projects have such guarantees.
  In summary, the red flags for Walliance are mainly the few failed projects and underwhelming returns for some, which critics highlight in forums and reviews. Prospective investors should heed these as reminders that crowdfunding isn’t a sure bet. Walliance’s reputation remains strong overall (Trustpilot rating 4.1/5 from ~400 reviews [15]), but these criticisms ensure that the platform continues to emphasize due diligence and realistic projections. If anything significantly adverse were to happen (like multiple project failures or a fraud by a developer), it would severely hurt Walliance’s standing – so far that scenario has been avoided, but investors should always approach with caution and verify each deal’s merits independently.

Walliance Success Stories and Milestones 🎉

Walliance has several notable success stories and milestones that mark its rise in the European crowdfunding scene:

• Pioneering Launch and First Exits (2017–2018): Walliance’s very first project in 2017 (a development in Trento) was fully funded in days, and by mid-2018 it had funded a landmark project in Miami, USA – raising €1.4 million for a Miami real estate deal, which set a record at the time for Italian platforms [16]. By late 2018 (just 11 months into operations), Walliance had gathered over €4.7 million in investments, ranking third among all Italian equity portals by capital raised . Early adopters saw successful exits: in 2019, two projects “Cala Blu” (Jesolo) and “Apfelanger” (South Tyrol) were completed and returned profits to investors. The Jesolo deal (36 beachfront apartments) sold out, returning capital plus +6.82% total gain to investors, while Apfelanger finished ahead of schedule, yielding 8.39% total return, above initial projections. These were celebrated as proof-of-concept that crowdfunded projects can deliver.

• Record Fundraises: Walliance set several Italian crowdfunding records. In Dec 2019, it hosted a €3 million raise in a few days for a Florence redevelopment (Via G. D’Annunzio project) – at that time the largest ever real estate crowdfunding round in Italy. The campaign drew 677 investors and promised ~13.5% annual ROI over 18 months. Hitting this €3M milestone (just under the old regulatory cap) was significant and demonstrated the scalability of the platform. Walliance ended 2019 with €10M+ raised that year and 7 successful campaigns out of 7. In 2020, despite pandemic challenges, Walliance continued closing large deals and remained the market leader in Italy, raising 61% more capital in 2019 than 2018. By mid-2023, its cumulative raised surpassed €100M, and by 2025, ~€180M (as noted).

• International Expansion: A big milestone was Walliance’s expansion beyond Italy. In January 2020, it became the first Italian crowdfunding portal authorized in France, launching “Walliance France”. To achieve this, by 2023 Walliance acquired Lymo, one of France’s earliest real estate crowdfunding platforms, integrating its operations. This move not only gave Walliance a foothold in the French market with a local team and license, but also added Lymo’s ongoing projects and investors to its portfolio. Similarly, in March 2023 Walliance launched in Spain, bringing its model to the Iberian market (with projects in cities like Madrid). These expansions have positioned Walliance as a European player rather than just Italian – an important milestone given the new harmonized EU regime. As of 2024, Walliance offers investment opportunities in at least 4 countries (Italy, France, Spain, and the USA for a special project), a level of reach few competitors have matched.

• Industry Leadership & Awards: Walliance’s innovation and growth have been recognized in the fintech and real estate industries. It was ranked among the top 25 crowdfunding platforms in Europe by various studies. The platform has won awards such as the AIFIn “Financial Innovation” Award in Italy (which CEO Giacomo Bertoldi received, highlighting Walliance as a company driving industry evolution). Walliance also earned the Great Place to Work® certification in 2022, reflecting a positive company culture for its employees. Importantly, Walliance co-authors the annual Real Estate Crowdfunding Report with Politecnico di Milano, showing thought leadership. The CEO has been featured in major media (Il Sole 24 Ore, Forbes Italy, etc.) discussing alternative investments, further establishing Walliance’s brand.

• Product Innovation: In September 2024, Walliance announced “Landlord”, a new investment offering that allows its community to collectively purchase rental properties for steady income – a novel twist on crowdfunding aimed at making investors “digital landlords” with annual yields 5–8% and periodic income [6]. This launch, coupled with Walliance integrating AI technology (using advanced algorithms and a chatbot to aid investment analysis), was showcased as a major innovation to enhance user experience [6]. The Landlord product is slated to go live in early 2025 and has attracted considerable interest (investors could join a waitlist). If successful, it could become a flagship product, diversifying Walliance’s revenue beyond development projects.

• Walliance500 Advisory Launch: In 2025 Walliance expanded into a new business line with Walliance500, an advisory service for family offices and institutional investors [8]. This service leverages Walliance’s expertise to help larger investors source and vet exclusive real estate deals outside the crowdfunding platform. In its first months, Walliance500 already advised on two big projects: a €30M residential development in Milan and a $50M luxury passive-house project in New York City (Chelsea) involving prominent Italian investors [8]. This debut (totaling ~€80M in project value) is a milestone demonstrating Walliance’s growing influence beyond retail crowdfunding. It also shows the company diversifying its offerings – from mass-market crowdfunding to bespoke advisory for high-end clients – marking a maturation of the business.

• Community Growth and Partnerships: By 2024, Walliance reached over 100,000 registered users, a community milestone. The platform’s referral programs and user advocacy have helped build this base. Walliance has formed partnerships with fintech infrastructure providers like MangoPay (for payments) and Directa SIM (secondary market) to improve its service internationally [9]. It’s also an active member of the European Crowdfunding Network and Italian real estate associations. Such partnerships and recognition (e.g. being featured by Italy’s trade agency as a proptech success ) underscore its credibility.
  In summary, Walliance’s journey is marked by first-mover achievements (first in Italy, first cross-border), record-breaking campaigns, successful project exits that proved the model, and continuous innovation and expansion (new products, new markets). These success stories have cemented Walliance’s status as a leading European platform for alternative real estate investments. For instance, moving into France and Spain and launching Landlord and Walliance500 all in a few years shows an ambitious growth trajectory that investors find encouraging. The company’s key milestones – from the initial €580k Trento project in 2017, to €3M Florence raise in 2019, to €179M total by 2024 – tell a story of rapid growth and adaptation in a dynamic market.

Is Walliance safe and legit? Is it a regulated platform?

Walliance is a legitimate, regulated platform. It operates under strict financial regulations: it was authorized by the Italian regulator (CONSOB) in 2017 as an equity crowdfunding portal, and in November 2023 it obtained a EU Crowdfunding Provider license which passported its services across Europe. Being regulated means Walliance must follow investor protection rules and is supervised by authorities. In terms of safety, the platform itself has solid security and uses escrow accounts – your money goes to a safeguarded account and only to the project if the funding succeeds. However, “safe” doesn’t mean your investment is guaranteed – the platform is safe from fraud in our view, but the investments carry risk. You can trust that Walliance is not a scam and that it has successfully funded dozens of projects, returning over €90 million to investors so far. Just remember that even on a reputable platform, you can lose money if a project fails. On balance, Walliance offers as safe an experience as one can expect in this high-risk asset class (with transparent processes, verified sponsors, etc.), and it’s considered one of the top players in Europe in terms of trustworthiness.

What returns can I expect on Walliance investments?

Returns vary by project, but generally Walliance targets high single-digit to low double-digit annual returns for investors. For equity deals, the expected return might be, say, 10–15% annualized (translating to 15–30% total over 1–2 years) if the development goes as planned. For lending deals, interest rates are typically in the 5–10% per annum range depending on risk and duration. Walliance actually mandates that projects should aim for at least a ~10% ROI to be listed. In practice, the average realized return has been ~9% per year on completed projects to date. Some projects exceeded expectations (one delivered ~13% annual ROI, for example), while others underperformed (a few have had zero or negative returns). So, expect a range: many successful deals might give you around 8–12% annual profit. With the new Landlord (rental) product, anticipated yields are lower but stable at 5–8% yearly. It’s wise to be conservative in expectations – consider that after fees (there are no investor fees, but projects sometimes run late) and taxes, your net returns might end up in the mid-single digits. Ultimately, Walliance investments can potentially outperform bonds or savings accounts, but they are not a get-rich-quick scheme. A diversified portfolio on Walliance might reasonably yield around 5–10% per year in the current market climate, but remember that nothing is guaranteed and returns depend on each project’s success.

What are the main risks of investing through Walliance?

The main risks are inherent to the real estate projects themselves: illiquidity, project failure, and delay. When you invest, you’re putting faith in a developer and the property market. If the project fails – say the developer goes bankrupt or the building cannot be completed – you could lose all or part of your investment. There is no guarantee or insurance protecting your capital (Walliance explicitly warns that you risk total loss of the invested capital) . Even if the project completes, there’s market risk: the apartments might sell for less than expected or take longer, reducing your return. Illiquidity is another key risk: you can’t easily get your money out early (as discussed), so you’re stuck even if you need funds. Time delays are very common: a project supposed to finish in 12 months might take 24 – during which your money isn’t earning anything elsewhere. There’s also the risk that the return ends up lower than forecast – the ROI projections are not guaranteed; if costs run over or sale prices drop, you could end up with a much smaller profit (or even just your principal back with no profit). For lending deals, there’s default risk: the borrower might not repay on time, leading to legal recovery proceedings which can be lengthy and uncertain. Additionally, as a small investor, you typically have no control over project decisions – you’re a passive provider of capital. And remember, past performance doesn’t predict future results – even though many Walliance projects have succeeded, future ones could hit unforeseen issues (economic downturns, etc.). Walliance itself highlights liquidity and total loss risk as the key things investors must be able to bear [11]. Another risk is regulatory change or platform risk – if Walliance were to go out of business (seems unlikely right now, but a risk), there are provisions for projects to continue under another provider, but it could be an operational headache. Finally, there’s concentration risk: if you put too much money in one project or one sector, a single failure could hurt you – that’s why diversification is crucial. In summary, the risks are high – higher than many traditional investments – because you are essentially acting like a venture capital investor in a property development. You should be comfortable with possibly not getting your money back at all for a few years, and only invest an amount whose loss would not jeopardize your finances. Walliance provides a Key Information document for each investment that lists all specific risks – it’s dry reading but make sure to review it. By understanding these risks and diversifying, you can mitigate them, but they cannot be eliminated.