EvenFi

EvenFi is a crowdlending platform run from Bergamo in northern Italy and authorised in Spain, where its licensed entity EVENFI FINTECH, S.A. holds a CNMV crowdfunding authorisation. It lends to small and medium businesses from EUR 20 per project. It enters the September 2026 ranking in last place among the ranked platforms, for one reason: it publishes its own default table, and the table is bad.

What Is EvenFi in 60 Seconds

EvenFi operates as a marketplace connecting retail investors with mostly Italian small and medium-sized enterprises seeking financing. The group is split across two countries: the technology and the operating team sit in Criptalia Srl in Bergamo, while the authorisation is held by EVENFI FINTECH, S.A. in Barcelona, entered in the CNMV register of crowdfunding service providers under number 5 on 17 February 2023. Under that authorisation the platform passported into Italy and Portugal from 17 March 2023 and into the remaining 28 states of the European Economic Area from 20 March 2026. Investors pick loans manually or use auto-invest, from EUR 20 per project, with no buyback guarantee. In September 2026 EvenFi also takes over the lender accounts of October, the French SME platform that is winding down.

Strengths

• A real, verifiable authorisation you can look up yourself: EVENFI FINTECH, S.A. is entered in the CNMV register under Regulation (EU) 2020/1503, which brings conduct rules, mandatory pre-contractual disclosure and an entry knowledge test for retail investors. Two limits belong in the same sentence: this regime governs conduct and disclosure rather than solvency, and it carries no investor compensation scheme.
• It publishes a default table, which most of its peers do not: EvenFi prints its own Article 20 disclosure, broken down by cohort year and credit grade, using the 90-day definition set out in EU law. That is what makes the rest of this review specific rather than speculative.
• Low minimum investment: At EUR 20 per project, wide diversification is cheap, and on this portfolio wide diversification is not optional.
• A working secondary market and functioning automation: The secondary market operates on bullet loans, with the seller setting the price and a filter that flags loans which are late or have a history of late payment. Auto-invest works on rating band, rate band, term and amount.

Things to Watch

• The published default numbers are severe: 28.60% of projects and 16.90% of the amount lent are in default across all cohorts since 2020, on the platform’s own figures dated 29 January 2026. The recent cohorts are too young to have defaulted yet and pull the average down, so the seasoned part of the book is worse than the headline. EvenFi also notes that restructured or extended loans which are performing are excluded from the count.
• There is no realised loss line anywhere: What EvenFi publishes is exposure at the moment a loan passes 90 days past due, before any recovery. There is no recovery rate and no write-off figure, so nobody outside the platform can say what the defaults actually cost. Treat every return figure associated with EvenFi as an upper bound.
• Public sentiment has collapsed: Trustpilot shows 1.2 out of 5 across roughly 417 reviews, with the five-star reviews old and the one-star reviews recent.
• No buyback guarantee, no provision fund, no compensation scheme: If a borrower fails, recovery is the only mechanism, and the platform publishes nothing about how well recovery has worked.
• The October migration lands on a small operator: Lender accounts from October transfer during September 2026. What moves is the platform, not the loans: October states the loan agreements are not novated, amended or terminated, and recovery on loans in arrears or default stays with October’s teams, with the associated costs, until the portfolio falls below 1% of the amounts originally lent, which October does not expect before early 2028. Even so, the incoming book and user base are roughly the size of everything EvenFi has originated in six years.

How It Works

1. You register and, as a retail investor under the EU crowdfunding regulation, complete a knowledge test and acknowledge the risk warnings before investing.
2. You pass identity checks. Client money is then held at Mangopay, a French electronic money institution, which is why the account IBAN begins with FR. EvenFi itself holds no banking, e-money or payment permission.
3. SMEs apply, EvenFi assesses them and assigns a grade from A+ to D, and approved projects are listed with amount, duration, rate and grade.
4. You pick projects or set auto-invest rules on grade, rate, term and amount, from EUR 20 per project.
5. Repayments arrive on the loan schedule. To exit early you sell on the secondary market at whatever price a buyer accepts. There is no buyback, so a defaulted loan leaves you dependent on recovery.

Who Is It For

EvenFi suits a narrow group: experienced crowdlending investors who already understand SME credit, who want exposure to Italian small business and renewable energy, who can size each position small enough that a high project failure rate is survivable, and who value the fact that the platform publishes that failure rate instead of hiding it.

It is not appropriate for a beginner, for anyone who needs the money back on a schedule, or for anyone reading a headline yield and assuming it is achievable. October lenders arriving automatically in September should understand that they have been moved onto a platform with a materially different risk profile from the one they signed up to, and that nothing obliges them to invest in anything new once they arrive.

How It Compares

The comparison that matters is with October, because the two are now joined. October published its numbers and they were disappointing enough to end the business; EvenFi publishes its numbers and they are worse. Against Mintos, which sits at number 1 this month, the gap is structural rather than cosmetic: Mintos is supervised as an investment firm and carries investor compensation of up to EUR 20,000 for platform failure or misappropriation of client funds, which no crowdfunding authorisation provides. EvenFi’s advantages over the field are narrow and real: a EUR 20 minimum, direct SME exposure rather than exposure through loan originators, and a default disclosure more granular than most of its Italian peers publish. On regulatory protection, liquidity and portfolio performance, it is behind every platform ranked above it.

FAQ

Who regulates EvenFi? The CNMV in Spain, as a crowdfunding service provider under Regulation (EU) 2020/1503, register number 5, since 17 February 2023. Not the Banca d’Italia: the licensed entity is Spanish, and the Italian company in Bergamo is the operating parent. Other national regulators, including the AMF in France, list the platform under its EU passport but do not authorise it. The regime governs conduct and disclosure, not solvency, and carries no investor compensation scheme.

Is EvenFi the same company as Criptalia? Effectively yes. The business was founded in Bergamo in 2018 as Criptalia, went live in 2020 and announced the rename to EvenFi in September 2021. The Italian company is still legally called Criptalia Srl.

What is EvenFi’s default rate? By its own published figures, dated 29 January 2026: 28.60% of projects and 16.90% of the amount lent, across all cohorts since 2020. Performing loans that have been restructured or extended are excluded from that count.

How much have investors actually lost? Nobody outside EvenFi can say, because EvenFi does not publish it. The figures above are exposure at 90 days past due, before any recovery. There is no write-off figure and no recovery rate.

I am an October lender. What happens to me? Your account moves to EvenFi during September 2026. Your loan agreements do not change: October states they are not novated, amended or terminated. Recovery on late and defaulted loans stays with October’s teams, at October’s cost, until the book falls below 1% of the amount originally lent, which October does not expect before early 2028. EvenFi will re-onboard you for identity checks. You are not obliged to invest in anything new on EvenFi.

Can I get my money out early? Only by selling on the secondary market, which handles bullet loans and lets the seller set the price. There is no buyback guarantee and no provision fund.

The Bottom Line

EvenFi does something most of its peers refuse to do: it publishes a cohort-level default table on its own website. That single act of transparency is the strongest thing about it, and it is also what places it last among the ranked platforms this month, because the table shows 28.60% of projects and 16.90% of the amount lent in default, with no realised loss figure to soften or confirm it. There is no buyback, no provision fund and no compensation scheme behind that. Into it, in September 2026, arrive October’s lenders and a run-off book roughly the size of everything EvenFi has originated since 2020, with the distressed part of that book staying at October’s cost until at least 2028. The authorisation is genuine and checkable. The lending record behind it does not recommend the platform as a place to start something new.

Affiliate Disclosure

TopPulse does not maintain an affiliate relationship with EvenFi. This review is editorially independent and was not influenced by any commercial arrangement.