Millea: A Morally Bankrupt Pitch for a Figuratively Bankrupt Business

Millea is a new platform advertised to P2P investors that seeks funds to finance Baltic supermarket projects, with daily interest accrual. SIA Nelle, the supermarket business acquired by SIA Millea on April 30, 2026, ended 2025 with €641,840 in negative equity.

Sources: https://company.lursoft.lv/lv/nelle/40103286422, paywalled; https://www.millea.eu/en/for-investors

A supermarket business with a hole in its balance sheet

Its filed 2025 accounts show €2.86 million in revenue and a loss of €349,812. At year-end, it had €499,495 in total assets against €1,141,335 in total liabilities: a €641,840 hole in the balance sheet.

Source: https://company.lursoft.lv/lv/nelle/40103286422, paywalled

Millea reportedly plans to convert existing loans into equity to strengthen the balance sheet.

Source: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/

Ah, of course. There is a plan. Great thing about ‘plans’? They’re not binding. They are also not free. There’s always a plan. How about you get your ducks in order before you start soliciting money from retail investors?

Usually dodgy crowdfunding platforms raise money first and then the balance sheet goes to hell. Here it seems they tried things the other way round. And investors get the wonderful opportunity to invest in a company with negative equity in the form of … a subordinated claim?

Is this a joke?

Sources: https://company.lursoft.lv/lv/nelle/40103286422; https://passives-einkommen-mit-p2p.de/millea-erfahrungen/; https://www.millea.eu/en/risks; registry records paywalled

A familiar creditor behind the acquired business

But boy does it get better.

Nelle has an active commercial pledge registered on November 10, 2025. Act 100213357 names SIA Dyaltos Treasury as the secured creditor and records a maximum secured amount of €256,250. The property description covers Nelle’s eligible business assets as an aggregate, including future components. The creditor may sell the pledged property without an auction.

Source: https://company.lursoft.lv/lv/nelle/40103286422, paywalled; https://likumi.lv/ta/id/50685-komerckilas-likums

Let me put this into English:

At the end of 2025, the acquired supermarket business:

• owed €641,840 more than the book value of everything it owned
• had already pledged most of its business assets to another creditor
• had pledged future assets too, excluding real estate and cash (so yeah, stuff it doesn’t even own yet, is already promised to someone else)
• lost €12.23 for every €100 of revenue in 2025

Sources: https://company.lursoft.lv/lv/nelle/40103286422; https://likumi.lv/ta/id/50685-komerckilas-likums; https://www.millea.eu/en/risks; registry records paywalled

Okay, that’s a shitty value proposition. But who is the creditor?

I checked the creditor’s ownership through Lursoft. Realto Capital owns 100% of Dyaltos Treasury (the company that holds the pledge over Nelle’s assets). The registered beneficial owner of both companies (the person recorded as ultimately controlling them):

Alvis Krasovskis.

Sources: https://company.lursoft.lv/lv/dyaltos-treasury/40003505979, paywalled; https://company.lursoft.lv/lv/realto-capital/40103289128, paywalled

The short version:

Nelle’s pledged assets → Dyaltos Treasury → Realto Capital → Alvis Krasovskis.

Sources: https://company.lursoft.lv/lv/nelle/40103286422, paywalled; https://company.lursoft.lv/lv/dyaltos-treasury/40003505979, paywalled; https://company.lursoft.lv/lv/realto-capital/40103289128, paywalled

Krasovskis, Krasovskis… why does that name ring a bell? Ah right:

Source: https://company.lursoft.lv/lv/realto-capital/40103289128, paywalled

Olaines, Trompowsky, and now Millea

Alvis Krasovskis owns 45% of SIA Olaines Enerģija and is one of its registered beneficial owners. Olaines held three gas cogeneration plants through subsidiaries and entered insolvency in 2025.

Yes, the very energy plants purchased for €3.5 million, that were promoted by Ventus founder Janis Timma on Crowdestate and Crowdestor and that now can’t even find a buyer when offered for about a quarter of its acquisition price: Olaine’s Gas Plants: 74% Off, Still No Takers

Sources: https://company.lursoft.lv/lv/olaines-energija/40203121756, paywalled; https://izsoles.ta.gov.lv/izsole/00468747-eb52-42fb-aa58-6a0bf5ce5b28; original Crowdestate listing in investor-supplied copies on file

Realto also appears in Crowdestor’s E. Fon Trompowsky Quarter property fundraising. Crowdestor’s second-round pitch called the borrower, Prospectum, a Realto Capital subsidiary.

Sources: https://crowdestor.com/en/projects/details/2806-efontrompowskyquarterii/

Small world. Plenty of room for another investment website, apparently.

Source: https://www.inforegister.ee/17513212-MILLEA-OU/

A white label solution

German P2P blogger Lars Wrobbel reports that White Label Solutions developed Millea’s software, then sold it to Millea, which now maintains it in-house with occasional questions going back to WLS. He describes the arrangement as “a welcome setup” (“ein begrüßenswertes Setup für den Start”).

Source: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/

WLS is of course SIA White Label Solution, now wholly owned by Toms Ābele, its sole board member.

Sources: https://info.ur.gov.lv/#/legal-entity/40203629203; https://www.linkedin.com/in/toms-abele-3465aa65/

That would be the Toms Ābele who was in charge of Ventus’ marketing when it claimed to have obtained an audit of a energy asset of dubious value – a claim the company quickly walked back after I reached out to their lawyers to confirm.

It’s also the same Toms Ābele who is currently a defendant in an ongoing fraud case.

Sources: https://www.karsten.me/money/ventus-hired-an-audit-firm-to-not-perform-an-audit/; https://eng.lsm.lv/article/society/crime/19.06.2026-digital-television-case-to-be-reviewed-again-in-court.a652226/

How on earth is that a welcome setup for investors? Is Latvia’s employment market so stretched that you can’t find someone without a pending fraud case to build your platform?

That’s of course not the only source of legal trouble in Millea’s environment.

Latvijas Banka’s warning

Latvijas Banka lists Millea OÜ in its warning about companies lacking the appropriate license or authorisation. The notice says providing financial services without the necessary authorisation is prohibited in Latvia.

Source: https://www.bank.lv/en/news-and-events/news-and-articles/news/17379-on-the-operation-of-companies-that-have-failed-to-obtain-an-appropriate-licence-or-authorisation-for-the-provision-of-investment-services

Wrobbel describes the lack of license as operating in a grey area (“operiert im Graubereich”).

The Latvian criminal code describes business activity without a legally required licence as a criminal offence if conducted on a significant scale or causing substantial harm, punishable by up to 3 years in prison.

Grey area. lol

Sources: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/; https://likumi.lv/ta/en/en/id/88966

The cashback salesman returns

From Crowdestor to Ventus and now Millea: It’s always the same people: Krasovskis, Wrobbel and the people around Ventus founder Janis Timma.

In 2019, Wrobbel spent several days visiting Crowdestor in Riga with Timma and friends. Ventus followed, where his involvement extended to a disclosed stake in its employee and advertising-partner company. Now he is promoting Millea. All of them intertwined with Crowdestor. Different offers, recurring participants.

Sources: https://passives-einkommen-mit-p2p.de/crowdestor-p2p-lifestyle-1/; https://passives-einkommen-mit-p2p.de/p2p-kredite-q4-2025/; https://passives-einkommen-mit-p2p.de/millea-erfahrungen/

Wrobbel appears to be one of the first ones to launch a promotion for Millea. He does mention the warning, subordinated loans, Nelle’s loss and negative equity. He discloses that he receives affiliate compensation.

Source: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/

But the review does not discuss Krasovskis. It pairs the disclosed financial problems with reassurance and the cashback offer and a statement that he already has over €10,000 of his own money invested on the platform, without explaining who already holds security over Nelle’s assets.

Sources: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/; https://company.lursoft.lv/lv/nelle/40103286422, paywalled

His actual conclusion? Daily interest and the supermarket concept motivated him to add Millea to his portfolio.

Sources: https://passives-einkommen-mit-p2p.de/millea-erfahrungen/

Ah, really. The supermarket concept?

Or was it the €608,628.98 in revenue and €484,097.51 in annual profit he appears to be making, in large part thanks to promotions like this one?

Sources: https://www.handelsregister.de/ (LALI Capital GmbH, Amtsgericht Gütersloh HRB 14602, document view: Lars Wrobbel’s annual accounts for 2025)

Obviously we don’t know how much came from P2P commissions, let alone WLS-linked entities like Ventus. But that’s a lot of money to incentivize not looking too closely at what anyone with a €9.90 day pass can find on Lursoft.

Source: https://www.lursoft.lv/en/about-subscription (24-hour database subscription)

For comparison, his reported P2P portfolio at the end of 2025 was €657,169.24. So for every euro he had invested, his business generated roughly 93 cents in revenue.

Sources: https://passives-einkommen-mit-p2p.de/p2p-kredite-q4-2025/; https://www.handelsregister.de/ (LALI Capital GmbH, Amtsgericht Gütersloh HRB 14602, document view: Lars Wrobbel’s annual accounts for 2025)

In his 2020 Crowdestor article, he admitted that he had never seriously read a project profile before investing. Seeing how much he earns from referring investor money to the platform it becomes clear why due diligence isn’t exactly a deciding criterion for him.

Sources: https://passives-einkommen-mit-p2p.de/crowdestor-2020/

It doesn’t take a lot of imagination to assume that his financial outcome from this might look a lot different from that of the investors he will refer.

Nothing ever changes

My initial Ventus article highlighted a number of issues with financial influencers. I would have hoped that the absolute train wreck of Ventus, Crowdestor and friends would have resulted in better due diligence or skepticism towards companies coming out of this network.

But here we are, once again, with Krasovskis, Ābele and a cashback promotion by a finfluencer who appears as devoid of morals as Nelle’s balance sheet was of equity at year-end 2025.