65000
investors
Kameo is a Nordic property-lending platform, founded in 2014 by Sebastian Martens Harung and run from Stockholm, serving investors in Sweden, Norway and Denmark. You lend directly to named small and mid-sized property developers - new builds, refurbishments and bridging loans - from 500 kronor per loan, at fixed rates that have averaged 9.3% a year across the platform's life, with interest paid monthly and capital back at maturity, typically after 12 to 18 months.
Every loan is secured, usually with a property mortgage and often a personal guarantee from the developer. Since 2016 Kameo has arranged over 10.5 billion Swedish kronor (about EUR 956 million) across 1,639 loans and 540 projects for more than 65,000 investors.
The operating company is licensed by Sweden's financial regulator, Finansinspektionen, under the EU crowdfunding rules, with the licence extended to Denmark and, since August 2026, Norway; uninvested money sits in a separated client account at DNB Bank.
Kameo grades each loan A to E and - rarely for this sector - publishes how each grade has actually performed, along with a full public table of overdue loans, recoveries and confirmed losses.
There is no way to sell a loan early and no auto-invest, so reinvestment is manual. Investing is free; Kameo earns fees from the borrowers, and it also runs a separate institutional lending line alongside the crowd.
License / Regulation: ECSPR loan-based crowdfunding, Finansinspektionen Sweden |
No adverse press, no regulatory action and no scandal - searches of Swedish and Norwegian business media found only growth coverage, and the Finansinspektionen register shows a clean licence. The criticism lives in customer reviews and is strongly patterned by country: Trustpilot shows 4.0 out of 5 in Sweden (138 reviews), 3.5 in Norway (33) and 3.0 in Denmark (30), as of 19 August 2026. The themes: little communication when loans run late (a January 2026 Norwegian review reports being kept in the dark on a delinquent loan), a March 2026 Danish complaint of withheld money and unreachable service - Denmark has no local office - and loans filling within seconds (an August 2024 reviewer was locked out one minute after opening). That geography matches the credit record: Kameo said in February 2025 that confirmed losses in Sweden were zero, implying the realised losses sit in Norway and Denmark.
Every application goes through Kameo's in-house credit team and must be approved by a credit committee, led by a named head of credit. Five things are scored: the key people, the company, the loan and its security, the project and repayment plan, and the property or sector. The result is a risk grade from A to E that drives the interest rate. The grading demonstrably separates good from bad: published lifetime default rates run from 0% on grade A (101 loans) to 16.7% on grade E. Not published: how many applicants are rejected, the maximum loan-to-value Kameo accepts, or whether independent valuers are used.
Founder and CEO Sebastian Martens Harung, a former banker, started Kameo in 2014 after reading about Britain's Funding Circle. The board is chaired by Knut Brundtland, a veteran Norwegian financial-sector figure, alongside first investor Bjorn Braaten and others. The management team is fully named on the site - unusual in this sector - including a head of the credit committee (Johan Widstrom), a head of analysis, a head of risk and compliance, and a head of institutional capital, that last role confirming the institutional lending line is a deliberate second business. Around 35 staff work across Stockholm and Oslo.
Yes, accurately computed - but it describes only defaults fully worked out; 44% of defaulted money is still open, so treat it as a floor.
Average rates on new loans fell to 8.1% in the first half of 2026, the sharpest drop in the platform's history. And Kameo's institutional line arranged SEK 673 million outside the platform in the same period - 71% of the crowd's volume again - with nothing published on how deals are divided between institutions and the crowd. Neither changes the record to date; both could change what retail investors are offered next.
Security comes first: every loan carries a pledge, usually a property mortgage, frequently plus the developer's personal guarantee. When a loan goes wrong, the process differs by country - Kameo's own team handles Swedish workouts, while a law firm, Kontrakt Advokatfirma, acts for lenders on Norwegian loans. Late loans switch from their normal rate to penalty interest, and enforcement costs come out of what is recovered. The record so far is the best evidence: of defaulted loans fully worked through, 90.1% of the money came back, and 22 of 41 recovery cases completed with full repayment. But 102 million kronor of d
Investing is free - no account, entry, management or exit fees, confirmed by independent Swedish reviewers. Real costs remain, though: 9 kronor per currency switch between your SEK, NOK and DKK accounts (1.8% on a minimum-size ticket); enforcement costs on failed loans, netted from recoveries; idle cash between loans, since reinvestment is manual; and tax - Kameo loans cannot be held in a Swedish ISK account, so interest is taxed at 30% as capital income. Borrowers pay Kameo's fees, reportedly 2 to 5% of each loan, which is how the platform earns.
