Indemo
Latvia · Real estate · Founded 2023
Our score
Average return
15.1%
target rate, not guaranteed
Regulation: MiFID II investment firm licence 06.06.08.824/547 (Latvijas Banka, granted 15 Nov 2022)
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Our verdict
Indemo is a genuinely regulated platform selling a genuinely illiquid product. Indemo SIA has held a MiFID investment firm licence from Latvijas Banka since 15 November 2022, its Notes are issued by a separate vehicle under a prospectus approved by the same regulator, investor compensation covers up to EUR 20,000 if Indemo fails to return your cash or Notes, and audited accounts have been published for every year since 2022. What you buy is a discounted Spanish mortgage claim that pays no interim interest, has no secondary market or early exit, and pays out when Spanish courts and debtors allow, with every deal running through Tamarindo Vector S.L., whose managing director is Indemo's largest shareholder. The 21% headline return rests on the early, easier resolutions — on 21 September 2026 only EUR 4.7m of EUR 38.0m invested had come back — which is why Indemo's own 15.1% moderate-scenario target is the figure shown here.
Read our full Indemo reviewRegulation, returns, fees, risks and our verdict — in depth.What works
- MiFID investment firm licence 06.06.08.824/547 from Latvijas Banka since 15 November 2022, with EUR 20,000 compensation cover if the platform fails to return your cash or Notes
- Audited accounts on its website for Indemo SIA (2022–2025) and the issuing vehicle (2023–2025), with a clean 2025 opinion from Crowe DNW SIA
- Debt is bought below the outstanding claim, leaving room for recovery costs and a softer property market before investors lose principal, and each Note maps to one Spanish debt with regular legal-stage updates
- EUR 10 minimum, no deposit, investment or withdrawal fees
What doesn't
- No secondary market, no buyback and no early exit, and payout timing is set by Spanish courts and debtors, not by a contract
- The exit mechanism promised since August 2024 missed its Q2 2026 target and was still not live on 21 September 2026
- One partner behind every deal: Tamarindo Vector S.L. selects, finances and recovers every debt, and its managing director is Indemo's largest shareholder
- The operator is loss-making: Indemo SIA lost EUR 691,063 in 2025 and EUR 682,100 in 2024
Who this is for
Investors who value a licensed firm and audited disclosure, understand they are buying a Spanish legal recovery process with no interim interest, and can leave a small allocation untouched for several years.
How the score breaks down
How this score is calculatedEach dimension is scored 0–10 from documented inputs, then multiplied by its weight and summed. Nothing is rounded until the end.
Figure taken from: indemo.eu · Sep 19, 2026 · We publish Indemo's own footnoted target of 15.1% rather than the 21.0% 'average return' on its homepage. That 21% is drawn from 13 completed deals out of 190 notes issued, against a dashboard showing EUR 37.9m invested and EUR 4.7m repaid — early-resolving cases are the easiest cases, so the figure is biased upward by construction.
Terms & conditions tracker
We re-read the public terms of this platform every day and log what changed.
