Walliance: everything you need to know before investing
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Walliance was founded in Trento in 2016 and was one of the pioneers of real estate crowdfunding in Italy. Since then it has expanded into France and, in 2023, into Spain, the same year it bought the French platform Lymo, and according to its statistics it has financed more than €200 million across just over 200 projects.
For a Spanish investor, this translates above all into access to Italian developments, which may come in the form of equity or debt. It is worth understanding the difference before looking at its figures.
What it is and under what supervision it operates
Walliance is a real estate crowdfunding platform: it pools the contributions of many retail investors to finance developers who build or refurbish properties. Unlike platforms that only lend, it combines two formats. In equity deals, the investor becomes a shareholder in the company developing the project and their return depends on how the development turns out; in debt deals, they lend their money, directly or through bonds, in exchange for interest set in advance.
The difference matters because, with equity, the investor can earn more if the project turns out better than expected, but is also the last to be paid if something goes wrong, whereas with debt their return is limited to the agreed interest and, in exchange, they have repayment priority over the shareholders.
Its registered name is Walliance Group S.p.A., based in Trento with offices in Milan, and it is run by its founder, Giacomo Bertoldi. It has been authorised as a crowdfunding service provider by Consob, the Italian securities regulator, since November 2023, and in Spain it operates under the European passport provided for in the EU crowdfunding regulation.
Its activity, in figures
At Realty Investor we keep our own record of the offerings published on the European market, which in Walliance's case covers part of its activity. Between January and October 2026, these are its figures.
Four deals, all debt. Four deals closed and more than €6 million raised, all at a fixed interest rate and none in equity, despite the weight that format carries in its track record.
Three in Italy and one in Spain. In Italy it financed six luxury villas in Uggiate Trevano, near the Swiss border, a luxury residential development in Bordighera, on the Ligurian coast, and Wave Twin Towers, two 25-storey towers with 121 homes in Jesolo, near Venice, which at around €3.6 million was the largest of the four. In Spain, the final phase of a 37-home development in San Martín de la Vega, in Madrid.
Projects largely sold. In two of them, most of the homes already had buyers: around 95% in the Madrid deal when the round opened, in January, and 87% in the Jesolo deal at the beginning of September, according to the information published on both projects.
Rates between 11% and 13.5%. The published annual interest rate was 11% in Madrid, 12% in Uggiate Trevano, 12.5% in Jesolo and 13.5% in Bordighera, compared with a median of 11% across the market as a whole, with terms of between one and two years.
Rounds lasting weeks. The rounds remained open for between eight days, in Uggiate Trevano, and a month and a half, in Bordighera, compared with the few hours it takes to fill the market's median round.
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According to the statistics it publishes, as of 30 June 2026 it had financed around €207 million across 207 projects, just over 60% of that amount in equity deals, and 127 had already been completed, with around €130 million returned to investors, including partial repayments.
What investing in Walliance is like
The minimum investment is €500 per project. The platform does not charge for investing or for keeping an account, although, according to the specialist website CrowdIndex, it does apply a 1% success fee on the amount invested, which is deducted when the investment is repaid and only if the estimated return is achieved.
There is no secondary market on the platform, so the capital remains invested until the project is completed, within terms that may be extended if it is delayed. As regards repayment performance, those same statistics record definitive losses on two projects, both equity, of around €1.4 million, and according to CrowdIndex's calculations, as of 30 June 48 of its 79 ongoing projects had some delay, those more than three months late added up to around €57 million, and around €40 million was in recovery or litigation.
Knowing these figures in advance is what makes it possible to put each deal in context.
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Realty Investor data on the deals published between January and October 2026, compiled from our own market record, which covers part of the platform's activity and not its full history. Only deals whose funding round has already closed are included. The cumulative figures and losses come from the statistics published by Walliance, with data as of 30 June 2026 reported by industry sources; the delays from CrowdIndex's calculations based on those figures, and the conditions for investors from those same sources.
Informational and educational article. It does not constitute financial, tax or investment advice, nor a recommendation regarding any project or platform. Realty Investor is not a crowdfunding service provider. Investing in crowdfunding involves the risk of total or partial loss of capital, of not obtaining the expected return and of illiquidity, and is not covered by the Deposit Guarantee Fund or the General Investment Guarantee Fund. Past returns do not guarantee future returns.