Rating E+
35 / 100
On the Esketit P2P platform, the loan company Spanda Capital is referenced as being Latvian, yet the company indicated on their website is Spanish. This is because operational activity takes place in Spain while investments are made through the Latvian company.
The limited liability company Spanda Finance España SL (registration number NIF B56658594), managed by Matīss Kristobans, is a management company specializing in discounted receivables (or non-performing loans). Incorporated in November 2023 in Madrid, its share capital is 3,000€.
Spanda Finance España SL is 100% owned by SIA Spanda Capital, a Latvian company incorporated two months earlier in September 2023. The shareholders are Esketit‘s founders, Dāvis Barons and Matīss Ansviesulis, and Matīss Kristobans for a share capital of 2,800€.
This analysis is based on public data from their 2024 annual report that was duly audited (audit report). This is a technical assessment based on standard credit analysis methodologies, not investment advice.
👉 Financial Metrics and Ratio Calculations
Growth : F
Asset growth (225%) derives almost exclusively from the 6.5M€ loan obtained from parent company SIA Spanda Capital. This total dependence on intragroup financing demonstrates that the company generated no organic growth during its first year of operations.
This artificial growth was immediately eroded by a 526K€ write-down of the acquired loan portfolio, representing an 8% value loss in the first year. This suggests either an overly optimistic initial valuation or serious operational difficulties in debt recovery.
Despite reasonable personnel expenses (2 employees), financial charges of 360K€ from the SIA Spanda Capital loan at 5.5% represent 23% of revenue. This cost structure absorbs most of the operating margin and compromises net profitability.
Profitability : B-
The company shows a solid 58.4% operating margin and 14.14% Return on Invested Capital (ROIC). However, these ratios mask the reality: they do not reflect the significant loan portfolio write-down that erodes the real asset value.
This apparent operating profitability is doubly compromised: first by the 526K€ portfolio write-down, then by crushing financial charges. The residual 0.78% net margin and 0.36% Return on Assets (RoA) reveal the business model’s actual fragility.
Liquidity : C+
Liquidity presents a mixed picture: the 138-day financial autonomy and balanced transformation ratio (0.96) are satisfactory, but the 0.41 quick ratio remains concerning. The company depends heavily on collection pace to meet its short-term obligations.
Credit Quality : E
The complete absence of information on non-performing loans and provision allocations prevents any assessment of loan portfolio quality. This opacity is particularly problematic as it concerns the core of the debt recovery activity.
Solvency : F
Solvency ratios are critical: equity at 0.22% of assets, shareholders’ equity representing only 0.25% of the loan book. These near-zero levels demonstrate a complete absence of safety cushion against potential losses.
With a 0.22% solvency ratio and debt representing 447 times equity, the company operates with virtually non-existent shareholders’ funds. The slightest additional portfolio write-down could absorb all equity and trigger bankruptcy.
Strengths
✅ 1.5M€ revenue generation
✅ Controlled personnel costs
Weaknesses
⚠️ Equity = 0.22% of assets
⚠️ Leverage ratio 447x equity
⚠️ 526K€ portfolio write-down
⚠️ No provision data disclosed
Review 2025 Spanda Finance Espana SL
Spanda Finance España presents a critical risk profile with a score of 35/100 (E+). In its first year of operations, the company displays major contradictions: a 58.4% operating margin but only a 0.78% net margin. This dichotomy reveals a fundamentally imbalanced business model.
The financial structure is particularly concerning with a 6.1M€ portfolio 94% funded through intragroup debt and only 15K€ in equity (0.22% of assets). A minimum recapitalization of 600K€ to achieve a 10% equity-to-assets ratio is necessary. Moreover, with a leverage ratio of 447x, the company operates without any safety cushion.
The immediate 526K€ write-down (-8%) of the acquired portfolio raises major questions: overvaluation at acquisition or serious operational difficulties in debt recovery. The complete absence of information on non-performing loans and provisions prevents any reliable assessment of portfolio quality.
Review SIA Spanda Capital
As mentioned in the introduction, investors registered on Esketit do not invest with the Spanish company but rather with the Latvian company SIA Spanda Capital. It is therefore necessary to evaluate their financial health since it is the principal debtor.
SIA Spanda Capital was incorporated on September 11, 2023, and has the legal obligation to publish their financial statements, as Latvia is an EU member. Based on their annual balance sheet and income statement, I extracted and analyzed their financial data for 2024.
Solvency
The negative equity of 219,389€ places SIA Spanda Capital in a situation of technical insolvency. This complete absence of financial cushion renders the company incapable of absorbing potential losses from their Spanish subsidiary, creating systemic risk for the entire structure.
Liquidity
With only 19,477€ in liquidity against 442,718€ in short-term debt, the liquidity ratio stands at 0.04. This critical cash situation compromises daily operational capacity and considerably increases the risk of immediate cessation of payments.
Profitability
Financial charges absorb 51% of revenue, generating a loss of 222,189€ in 2024. This debt spiral, combined with the inability to generate positive cash flows, continuously erodes the company’s already negative capital base.
Debt structure
Total debt of 652,218€ exceeds assets by 219,389€, creating a major structural imbalance. The absence of positive EBITDA makes any repayment capacity calculation impossible, placing the company in a clear financial impasse.
Global synthesis
The analysis of SIA Spanda Capital reveals a particularly concerning financial situation, with the parent company presenting negative equity of -219,389€ that characterizes technical insolvency. This situation is aggravated by significant operating losses of 222,189€ in 2024 (89% of revenue).
The financing structure relies entirely on debt, with 652,218€ in liabilities for only 432,829€ in assets. Financial charges alone consume more than half of generated revenues, creating a vicious cycle of debt. The near-nonexistent liquidity (19,477€) against short-term obligations (442,718€) suggests a structural inability to honor immediate commitments.
This critical financial configuration of the parent company amplifies the risks already identified at the Spanish subsidiary level. The 526,298€ write-down recorded on the loan portfolio acquired by Spanda Finance España represents 2.4 times the negative equity of the parent company, making any absorption of these losses impossible.
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Note : Beyond their annual financial report, Spanda Capital has started publishing semi-annual results. This type of document only offers a partial view of activity and does not have the same value as an official document, which is why they are not integrated into the analysis.
