Anaxago and its French alternatives in October 2026: AMF status, fees and published results

Updated: 3 October 2026

Anaxago is a French crowdfunding service provider (PSFP) that the AMF lists under FP-2023-25 to place shares and bonds. The entry lists no loan facilitation as of 3 October 2026. The statistics page of 28 September 2026 reports €939.3 million invested since 2012 in 386 companies. The same page shows an 8.7% net achieved IRR on Anaxago's property operations.

Anaxago's AMF approval FP-2023-25 and the shares and bonds it covers

Anaxago appears on the AMF white list as a PSFP approved on 9 November 2023. The approval covers placing securities without a firm commitment and receiving and transmitting client orders, with investment in shares and in bonds. Loan facilitation is absent from the listed services, and the entry shows no European passport (AMF, read 3 October 2026). For comparison, Ulends, the company behind BienPrêter, is listed in the same register for "facilitation of the granting of loans" (AMF). See the terminology guide for the label prêt participatif and its English translations.

In Anaxago's terms of use, the contracting company is named as ANAXAGO. It is a société par actions simplifiée à capital variable registered in Paris under number 539 539 064. Those terms define Anaxago Capital as a separate company holding an AIFM portfolio-management approval, GP-18 000 016. According to the investment policy of 5 June 2023, each project is financed indirectly through an ad hoc SAS. Investors subscribe to shares or bonds, simple or convertible, issued by that vehicle. Closed offers on the statistics page include club deals, private equity funds and an SCPI. Instruments that share the property sector are compared in types of crowdfunding.

Anaxago fees, the €1,000 minimum and the four-day withdrawal period

On property deals, Anaxago invoices an advisory fee of 0.5% to 2% of the subscribed amount to the intermediate holding. Invoicing happens when the financing reaches the target company. A management fee of up to 1% a year applies to some vehicles, and no fee is charged at repayment. Displayed profitability targets are net of these fees, Anaxago's help page adds (help centre, read 3 October 2026, undated). Anaxago's own example runs on €10,000 over 24 months at a 10% target. It shows €100 of entry fee and €200 of management fees paid inside the vehicle, and €12,000 repaid before tax if the operation succeeds.

Startup equity subscription fees reach 2.5% including tax and are invoiced to the investor directly. Management fees billed to the vehicle are 4.5% in the first year. Management fees then run at 2% below €30,000 invested or 1% above, for up to four years (Anaxago innovation fees, read 3 October 2026).

An Anaxago article on property crowdfunding states a €1,000 minimum ticket (read 3 October 2026, article undated). According to the investment policy, a non-sophisticated investor has four calendar days from signing the subscription form to withdraw. It also requires a risk warning, with three confirmations, once the amount entered exceeds the greater of €1,000 or 5% of simulated net worth. That threshold is given in the policy as a warning trigger. Payment comes from the investor's Mangopay investment account.

Anaxago's property results by funding year, as published on 28 September 2026

For property, the statistics page reports €684 million invested in 280 operations in France and 178 exits. The page gives an average horizon of 28 months and a net achieved IRR ("TRI net constaté") of 8.7% a year. Under "perte constatée (en volume)", the same block shows 5. All of this is Anaxago's own publication, and the page names no auditor. Below, the table copies the page's vintage rows, with capital in euros as the page shows it.

Anaxago defines the IRR row as the annualised compounded return after delays and defaults. The "maximum possible" row is the return if every investment were repaid on the original schedule. Each late-payment row is capital tied to instalments still overdue, divided by capital invested in the same vintage. Hence the 34.6% total is €236.6 million over €684.4 million. Yet in the 2021 row, the net-of-risk IRR prints above the maximum possible IRR, with a cost of risk of -0.2%. Vintages 2021 to 2023 together total €361.7 million invested and €185.8 million over 180 days late, 51.4% by the author's computation from the page's rows. No IRR is printed for the 2025 and 2026 vintages, and Anaxago's weighted average interest rate for all vintages is 9.9%.

Offer terms, in contrast, use another label. In Bordeaux, the club deal that closed on 9 September 2026 shows a target rate of 9% a year, a 36-month horizon and €4,885,000 collected. A target rate is an offer term, but the 8.7% above is Anaxago's reported net achieved IRR.

Six French platforms in the AMF white list, with minimum tickets read on 3 October 2026

Each PSFP below has a number, an approval date and listed instruments on the AMF white list. Minimums and offer data, however, come from the platforms' own pages.

Lendopolis names Lendocompany SAS as its operator and says Lendosphere has owned it outright since 2024 (Lendopolis FAQ). Also, some of its offers are reserved for residents of listed départements (Lendopolis home page). On the AMF list of withdrawn approvals, dated 10 June 2026, a separate Lendopolis entry, FP-2023-26, appears as withdrawn on 16 December 2025. None of the other operators above appears on that list (AMF PDF). Enerfip SAS (FP-2022-2) lists shares, bonds and, since 17 June 2024, loan facilitation. BienPrêter's fees, tax withholding and statistics by year are in the BienPrêter guide.

French crowdfunding delays and platform changes from 2024 to October 2026

On 20 January 2025, the AMF published a study of the ten largest French property platforms. About 30% of ongoing projects were late at 31 March 2024, the study found. Delay rates reached 20.1% for projects funded in 2020 and 36.9% for 2021, two years after launch. For 2019 projects the displayed delay rate was 15.2% and became 60.2% when late repayments were counted as well as delays still running. The AMF cautioned against presenting low definitive-loss rates as a safety signal. The reason given is that a procedure leading to a definitive loss takes several years (AMF, 20 January 2025).

On 18 June 2025 the AMF stated that payment of interest and final repayment of capital are never guaranteed in crowdfunding. That statement described a platform stopping its activity. Investors may then face the project holder alone and pay recovery costs themselves, unless a collective representative was appointed beforehand (AMF, 18 June 2025). Separately, Le Monde reported on 25 April 2026 on repayment difficulties among French property projects financed by bonds. From 9.5% in 2024 to 30% in 2025, the share affected rose.

In its release of 2 October 2026, the AMF reports reviews of five platforms for 1 January 2023 to 31 December 2025. Knowledge-test questions were badly worded, incomplete or missing at several providers, the reviews found. In addition, the reviews found some investments made with no loss warning, and gaps in the information sheets (AMF, 2 October 2026).

Two platform notices are dated. Tudigo's notice, last updated 14 August 2026, says the Bordeaux commercial court opened a reorganisation on 5 August 2026. Sums already invested are not directly affected, the notice adds, and payouts held on a segregated Lemonway account now need the administrator's authorisation. It gives 30 September 2026 as the hearing date for takeover offers and shows no later entry. October's lender page on 3 October 2026 states that accounts have migrated to EvenFi, a crowdlending platform regulated in Spain. Wider failure cases across Europe are in crowdlending risks.

Mintos, Debitum and Maclear as non-French options for a French resident

Three platforms outside France differ in instrument and documentation:

• Mintos loan Notes: each Set carries an ISIN and pools 6 to 20 loans, with a €50 minimum (Mintos help, 23 September 2024). Core Loans carry a 0.39% annual fee on the fee page of 1 October 2026.
• Debitum: the Latvijas Banka register lists DN Operator SIA with a services passport to France valid from 25 July 2025 (read 3 October 2026).
• Maclear: its FAQ of 10 September 2026 says 2% of every successfully funded project goes to a provision fund. The FAQ adds that the fund may cover interest and/or principal losses "to the extent funds are available". According to the FAQ, the fund is not an insurance product. The minimum is €50 per its FAQ of 3 August 2026.

Licensing and passport mechanics for these entities are in P2P lending in Europe, and eight register-based checks are in how to choose a crowdlending platform.

French flat tax, the €8,000 loan-loss cap and forms 2047 and 3916 for platform income

A French tax resident pays a 31.4% flat tax on capital income in 2026, made of 12.8% income tax and 18.6% social levies (Service Public). Ticking box 2OP on the return applies the progressive scale to all capital income instead (impots.gouv.fr guidance, 2026). Per the 2026 tax brochure, for 2025 income, participatory-loan interest belongs in box 2TT. In addition, the brochure describes an €8,000 ceiling for eligible capital losses, offset in the same year or the five following years.

However, BOFiP writes that loss rule for participatory loans (version of 15 May 2023), while Anaxago's AMF entry lists shares and bonds. Income received from a platform abroad goes on form 2047, the form for income received outside France. Form 3916 covers bank and digital-asset accounts held abroad. Rates, loss rules and reporting for 13 countries are in the crowdlending tax guide.

Anaxago and French crowdfunding FAQ

Is Anaxago authorised by the AMF to offer loans?

ANAXAGO SAS's entry FP-2023-25 lists placement of securities and the receipt and transmission of orders, covering shares and bonds. It does not list loan facilitation as an authorised service as of 3 October 2026. Ulends (BienPrêter, FP-2023-38) and Lendocompany (Lendopolis, FP-2023-22) list loan facilitation. Enerfip added it on 17 June 2024. Raizers (FP-2023-5) lists it as well, per the AMF entries read on 3 October 2026.

What fees does Anaxago charge on property investments?

Anaxago says it charges 0.5% to 2% of the subscribed amount in advisory fees to the intermediate holding. Management fees of up to 1% a year apply on some vehicles. Its help page states there is no fee at repayment and that displayed targets are net of these fees.

What does Anaxago's 34.6% figure measure?

As defined on the statistics page of 28 September 2026, the figure is capital linked to instalments more than 180 days late. Late capital is divided by capital invested across all property vintages from 2014. The page reports realised losses separately, with 5 under "perte constatée (en volume)".

How much do I need to invest on Lendopolis?

Lendopolis says the minimum varies by project and instrument, and each offer page states its own. Its offers on 3 October 2026 ran four to five years, and some were reserved for residents of listed départements.

Does Homunity offer shares or only bonds?

Homunity's AMF entry lists investment in bonds only, while its page gives a €1,000 minimum for property crowdfunding.

Which tax forms apply to interest from a platform based abroad?

Form 2047 reports income received outside France, and form 3916 reports accounts held abroad, according to the impots.gouv.fr form pages. Platform-level withholding and reporting documents are covered in the crowdlending tax guide.