Indemo Review 2026: Licensed Platform, Locked-In Spanish Debt

Indemo is a Riga-based investment platform run by Indemo SIA, a licensed investment firm supervised by Latvijas Banka. It sells one main product: Notes backed by non-performing Spanish residential mortgages that have been bought from banks and funds at a discount. When the debt is recovered — through a court-ordered sale, an out-of-court settlement or a sale of the claim to another professional buyer — investors are paid their principal plus a share of the profit.

That makes Indemo very different from a consumer-loan marketplace. There is no monthly interest, no loan schedule and no buyback. You are funding a recovery process and waiting for its result. On 21 September 2026 Indemo's homepage showed €38.0 million invested since launch, €4.7 million repaid and more than 23,900 clients.

The platform's regulatory position is strong for this market; the product's liquidity is weak. Both halves matter, and this review covers both. The live figures and safety score are on the Indemo platform page, and our methodology explains how licence, disclosure, liquidity and concentration feed the score.

The legal chain is set out in Indemo's base prospectus for Foreclosure Investment Notes, dated 14 August 2025 and approved by Latvijas Banka.

1. 1Tamarindo Vector S.L., a Spanish company Indemo calls its foreclosure agent, selects defaulted mortgage claims on Spanish homes and buys them at a discount.
2. 2Indemo SPV Issuer No1 SIA, a Latvian special-purpose company wholly owned by Indemo SIA, issues a series of Notes for each deal and lends the money raised to Tamarindo Vector to finance the purchase.
3. 3Tamarindo Vector runs the recovery: foreclosure in the Spanish courts, a negotiated settlement with the debtor, or a sale of the claim to another investor.
4. 4When money is recovered, principal and foreclosure costs are paid first. The remaining profit is split between noteholders and Tamarindo Vector through a "performance-linked interest" set in each series' terms.

What you actually own

You own Notes issued by the Latvian SPV. Their value depends on the loan to Tamarindo Vector being repaid, which in turn depends on the Spanish recovery. Indemo says the Notes are legally separated from its own funds and liabilities. The prospectus is explicit that the Notes have no credit enhancement and no liquidity support: if the recovery brings in less than was paid for the debt, investors take the loss, up to the whole amount.

Each series has an estimated final repayment date, but the prospectus says this is only an estimate and the actual date "can occur earlier or significantly later". Since November 2025 each Note corresponds to a single debt, so you can see exactly which property and case your money is in.

Indemo SIA (registration number 40203401432) is the licensed operating company. Its 2025 annual report names the management board as Sergejs Viškovskis (chairman), Vladimirs Šlapakovs, Jeļena Kibale (from September 2025) and Daniels Žirjakovs. The company employed 12 people on average in 2025.

Ownership is spread across several private and corporate shareholders. At 31 December 2025 the largest was Iļja Hagins with 20.92%, followed by Revesta Soluciones S.L. (9.29%), SIA Corecloud (8.63%) and Andrzej Pawlow (7.46%). Sergejs Viškovskis held 5.24%.

The related-party link

Indemo's own blog introduces Iļja Hagins as managing director of Tamarindo Vector, the Spanish foreclosure agent behind every deal on the platform. In other words, the largest shareholder of the platform also runs the company that selects the debt, receives the investors' money and shares in the profit. The issuer's 2025 accounts also disclose a guarantee agreement with Tamarindo Vector from August 2023 that gives the Indemo side rights to acquire Tamarindo shares in certain circumstances; management valued it at nil.

This arrangement is disclosed, which is to Indemo's credit. It also means that the interests of the platform, its main shareholder and its only supplier are closely tied. That is a governance risk to weigh, not a reason to assume bad faith.

Indemo accepts retail and institutional investors after identity checks and a suitability assessment, which a MiFID firm is required to carry out.

1. 1Sign up with your email address and create a password.
2. 2Verify your identity with an ID document.
3. 3Complete the suitability questionnaire about your investment knowledge and circumstances.
4. 4Enter your tax residence, which sets the withholding rate on your earnings (see the tax section).
5. 5Send a SEPA transfer from an EU/EEA bank account in your own name.
6. 6Invest manually in individual Notes from €10, or set up AutoInvest with limits of your choosing.

Before the first transfer, read the Final Terms of a few series and Indemo's Key Information Documents. They show the estimated repayment date, the profit split and the scenarios behind the 15.1% target — and they make clear that the date is an estimate.

Indemo is easy to start with: identity checks are automated, AutoInvest needs only an amount to get going, and since June 2026 sign-up and portfolio tracking also work in a mobile app.

Signing up

Registration starts with choosing a private or business account, entering your details and confirming your email. Identity verification is automated through Veriff, an EU-based provider, and needs only a valid passport or national ID card and a device with a camera. The suitability and appropriateness questions a MiFID firm must ask come next. Each person or company can hold one account.

Deposits

Money goes in by standard SEPA transfer with your Investor ID in the payment reference. Indemo says this can take 1–3 business days; no instant or card option is listed. Indemo charges nothing to deposit, hold money or withdraw.

Setting up AutoInvest

AutoInvest is quick to switch on. With at least €10 in the account you choose the product, enter an AutoInvest limit and confirm the loan terms. Indemo's FAQ says you can change the settings or pause and stop AutoInvest at any time from the dashboard. Manual investing from €10 per Note remains available alongside it.

App and dashboard

Indemo launched its app for iOS and Android on 1 June 2026. According to its announcement, it covers registration and KYC, browsing listings and asset details, portfolio and payment tracking, documents and reports, and push notifications. The App Store listing adds Face ID / Touch ID login and an indicative portfolio value. The website is available in English, German, Spanish, French, Latvian and Lithuanian.

Documents

A full tax report can be downloaded from the account settings, under Tax statements and reports.

Indemo takes money by SEPA bank transfer only, from an EU/EEA personal account in your name. Indemo says deposits take up to 1–3 business days to arrive. There is no Indemo fee, though your bank may charge for the transfer.

Withdrawals of uninvested cash start at €10 and go back to your verified bank account. Indemo processes them in 1–2 business days, and the bank transfer can take up to another 2 business days. Withdrawals are free.

The important word is uninvested. Cash sitting in your account can leave within a few days. Money already in Notes cannot — it comes back only when the underlying debt is recovered, because there is no secondary market or buyback. See the liquidity section before you move money in.

Each listing is a single Spanish debt with its own page: property type and location, the outstanding debt, the purchase price, the current stage of the legal process and Indemo's scenarios for timing and return. Indemo says fewer than 10% of the debts it reviews are accepted onto the platform.

• Manual investing lets you pick Notes one by one from €10.
• AutoInvest spreads money across new listings within limits you set, from a €10 balance. It pauses automatically when you hit regulatory maximum amounts and can be stopped at any time.

Indemo publishes regular "Flow Stage" updates as each case moves through the Spanish process, which runs to 24 steps from claim preparation to the sale of the property. Indemo's 2025 review counted 111 new debts listed and 92 stage updates in that year alone.

One warning on diversification: many Notes do not mean many independent risks. Every Note is a Spanish residential debt handled by the same foreclosure agent, and the prospectus notes that several series can relate to the same property. Spreading money across 50 Notes reduces the damage from one bad case; it does nothing about the risks they all share.

Indemo's homepage shows a 21.0% "Average Return". The asterisk next to it leads to a different number: 15.1%, which Indemo describes as the expected annual return in its moderate scenario, when 90% of the outstanding mortgage debt is settled within 18 months. We publish the 15.1% target, not the 21%, for three reasons.

1. The 21% comes from a small, early slice

On 21 September 2026 Indemo showed €38.0 million invested and only €4.7 million repaid — about an eighth of the money that has gone in. Indemo's own announcements account for around twenty repaid debts across 2025 and 2026, against a book of many dozens of unresolved cases. An average over the finished cases describes those cases only.

2. Early exits are the easy ones

Debts that resolve quickly are usually those with a cooperative debtor, a clean title or a buyer for the claim. The slow, contested cases are the ones still open. An average of completed deals is therefore biased upwards by construction, and it will tend to fall as harder cases finish.

3. The recent results are closer to 15% than 21%

The ten repaid assets on Indemo's homepage on 21 September 2026 returned between 12.6% and 22.4% a year; only two reached 21%. That is a respectable outcome, and it is consistent with the 15.1% target rather than the headline.

What you actually earn

The return on a single Note is an annualised figure over its own life. What matters for you is the return on your whole account, including money waiting in unresolved cases and idle cash between repayments. Indemo pays no interest along the way, so a portfolio built in the last two years can show little or no realised income yet. Withholding tax reduces the result further. A high target is the price for illiquidity and legal risk, not a promise; our risks page explains the general point.

Indemo charges investors nothing directly. Its FAQ states that opening an account, depositing, investing and withdrawing are all free; your own bank may charge for an international transfer.

That does not mean the product is free of cost. Indemo and Tamarindo Vector are paid from the deal itself:

• Profit share: after principal and foreclosure costs, recovery proceeds are split between noteholders and Tamarindo Vector according to the performance-linked interest in each series' terms. Check the split in the Final Terms before investing.
• Foreclosure costs: legal and court costs in Spain come out of recoveries before any profit is shared.
• Early repayment fee: the prospectus allows Tamarindo Vector to repay early, and early repayment includes a fee that can reduce your return below the projection.
• Platform revenue: Indemo SIA reported €1.02 million of commission income in 2025.

There is no inactivity fee in the published fee information we reviewed.

For how these fees compare with the other licensed platforms we rate highest, see our P2P lending fees comparison.

This is Indemo's biggest weakness. On 21 September 2026 there was no secondary market, no buyback and no early exit. Indemo's FAQ says Notes "currently cannot be sold quickly". Your money comes back when the specific Spanish debt behind your Note is resolved, and not before.

The exit has been promised for two years

• 13 August 2024: Indemo announced a secondary market concept and said it would release it "as soon as possible", without a date.
• 11 February 2026: its 2026 roadmap set new targets — an Early Exit trade-in programme and portfolio revaluation in Q2 2026, and a secondary market in Q3 2026.
• 21 September 2026: the Q2 target has passed, the Q3 quarter is nearly over, and neither feature is described as live on Indemo's site.

The planned Early Exit would repurchase Notes monthly, first-come first-served, from a fixed budget provided by Indemo's debt supply partners. Even if it launches, a fixed budget means exits are rationed when many investors want out at once — which is exactly when you would need it.

How long is long?

Indemo gives no fixed term. Its moderate scenario assumes most debt is settled within 18 months; the prospectus warns that repayment can come significantly later; and contested Spanish foreclosures can take years. We would plan on money being locked for two years or more and would not invest anything you might need within that time.

There is no buyback on Indemo, from Indemo or anyone else. The protection is economic rather than contractual: the debt is bought well below its outstanding amount and is secured by a mortgage on a Spanish home. If the property is eventually sold for more than the purchase price plus costs, investors are repaid with a profit.

That margin is real, and it is why this model can survive a weaker property market better than a development loan. It has limits:

• Timing is set by the Spanish courts, the debtor and any occupants, not by Indemo. A delay does not lose money directly, but it lowers the annual return and keeps your capital locked.
• Price depends on what the property fetches at auction or in a sale, which can be below valuation.
• Costs — legal fees, taxes, repairs and eviction — come out of the recovery first.
• Counterparty: the money flows through Tamarindo Vector. The prospectus names a possible backup servicer in the transaction documents but does not describe one of comparable scale already in place.

The prospectus says the Notes have no credit enhancement or liquidity support and that investors can lose everything they invested in a series. None of this is a bank deposit, and no deposit guarantee applies.

Indemo SIA holds an investment firm licence, No. 06.06.08.824/547, issued by Latvijas Banka on 15 November 2022. The register lists portfolio management, placing of financial instruments without firm commitment, investment advice, execution of orders, safekeeping of financial instruments, investment research and underwriting-related services. Indemo says it is authorised to provide services across 29 EU/EEA countries.

The Notes are issued under a base prospectus approved by Latvijas Banka on 14 August 2025, which means the structure and risk factors have been reviewed by a regulator and are publicly available.

What the compensation scheme covers

Indemo is a member of the Latvian investor compensation scheme under Directive 97/9/EC. If Indemo itself fails and cannot return your cash or financial instruments, you can claim up to €20,000. It does not cover:

• a Spanish recovery that brings in less than was paid;
• default by Tamarindo Vector on its loan from the issuer;
• delays, or the lack of a buyer when you want to sell.

The licence protects how your money and Notes are held. It does not make the debt recoverable or the timing predictable. For a licensed platform with a very different product, compare Indemo and Mintos.

Indemo publishes its annual reports on its website: Indemo SIA for 2022, 2023, 2024 and 2025, the issuer Indemo SPV Issuer No1 SIA for 2023–2025, and Indemo Finance SIA for 2025. The 2025 accounts of Indemo SIA were audited by Crowe DNW SIA, which gave an unqualified opinion.

The 2025 figures for Indemo SIA:

• Revenue: €1,019,364 (2024: €385,989)
• Loss: €691,063 (2024: €682,100)
• Equity: €479,992 at year-end, on total assets of €686,502
• Registered clients: 16,834; assets under administration €22.8 million

Revenue more than doubled, but the company is still loss-making and has a thin capital base; losses have been covered by share premium from investors in the company. Management's going-concern assessment points to a small profit in early 2026 (€16,329). The issuer's accounts show €21,998,583 owed to noteholders at the end of 2025, with the loan receivables held off-balance-sheet.

The track record is short. The licence dates from November 2022, and the first debt resolutions came in 2025. Indemo reported €2.9 million repaid at the end of 2025, €3.1 million by the end of March 2026 and €4.7 million by September 2026. That is steady progress, but most of the money invested has not yet been through a full recovery.

1. 1Illiquidity. No secondary market, no early exit and no buyback. The money is locked until each case resolves, and the promised exit tools have missed their dates.
2. 2Single partner and related party. Every deal comes through Tamarindo Vector, run by Indemo's largest shareholder. Its failure, or a dispute with it, would affect the whole book at once.
3. 3Single country and asset type. All collateral is Spanish residential property, so Spanish court capacity, housing policy and house prices drive every Note.
4. 4Timing risk. Estimated repayment dates are estimates. Every month of delay lowers the annual return even if the capital comes back in full.
5. 5Recovery shortfall. Auction prices, costs or occupants can reduce proceeds below the purchase price. There is no credit enhancement.
6. 6Short track record. Around €4.7 million repaid against €38.0 million invested; the headline 21% reflects the early, easier cases.
7. 7Platform risk. Indemo SIA is small and loss-making. Segregation, the separate issuer and the €20,000 compensation scheme limit, but do not remove, the effect of a platform failure.

This is not a bank deposit. Size the position so that a long delay would be inconvenient rather than a problem.

This is general information, not tax advice. How Indemo income is taxed depends on your country of tax residence.

Indemo withholds Latvian tax on earnings automatically. According to its FAQ, the rate is 5% for EU/EEA tax residents, and 20% or 25.5% in other cases depending on Latvian rules. Make sure your tax residence is set correctly in your account.

In most countries you still declare the income at home and may be able to credit the Latvian tax withheld. Indemo provides a downloadable tax report in the account settings. Because earnings arrive in lumps when a debt is resolved rather than monthly, one tax year can show a large gain and the next nothing, which can matter where rates are progressive. Ask a tax adviser in your country how profit on Notes and any losses are treated.