Indemo

Notre 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.