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Indemo is a Latvian investment platform, run by Indemo SIA in Riga and licensed as an investment firm by the Bank of Latvia since November 2022. It sells one unusual product: notes backed by Spanish home-mortgage debts that banks have given up on and sold at a deep discount. By October 2026 investors had put in €39.5 million, of which €35.4 million was still waiting to be recovered and €4.8 million had been paid back on 27 finished cases.
From €10, you buy notes issued by a separate company, Indemo SPV Issuer No1 SIA. Each note is tied to one defaulted Spanish mortgage claim that a Spanish partner bought at a discount, on average 57.3% below the debt. Money comes back only when the case ends: the debtor settles, a Spanish court sells the home, or the claim is sold on to a professional buyer. No interest is paid along the way. The platform aims for 18 to 24 months, but says a case can take up to five years. Automatic investing is available.
Finished cases have paid well, but they are a small part of the money. In August 2026 Indemo showed a weighted return of 15% a year on its completed cases. Its insights page shows an average return of 20.8% (October 2026, down from 21.4% in August), a simple average of the 27 repaid cases whose method is not explained. For new cases it expects 15.1% a year in its middle scenario. None of these figures counts the €35.4 million still waiting, which earns nothing until each case ends. Independent tracking of investor portfolios points to about 5.7% a year for the typical investor (August 2026).
Indemo publishes no figure for losses, defaults or cases running late, and gives no definition of when a case counts as failed. Its risk notice says repayment dates are estimates and can come significantly later. Only about 12% of the money invested has come back so far (€4.8 million of €39.5 million, October 2026). Its own case updates show cases that ran past the 24-month target, one stuck at appeal from August 2023 until repayment in April 2026, and another waiting on a court decision since January 2024.
Each note is backed by a mortgage claim on a Spanish home, bought for much less than the debt; on average the price paid was about 60% of the property's value. That discount is the cushion: the home can sell for less than its value and investors can still get their money back. There is no buyback, no reserve fund and no insurance, and no up-to-date valuation is published for each case. All recoveries are handled by one Spanish servicing company, Tauris Iberica, with no back-up. What came back so far: 27 cases repaid, €4.8 million, after 14 months on average. In plain words: your money is behind a Spanish home bought at a discount, but you wait for a court or a buyer, and nothing protects you if a case drags on.
Indemo SIA holds an investment-firm licence (number 06.06.08.824/547) from the Bank of Latvia, granted on 15 November 2022. It is not a crowdfunding licence. Because it is an investment firm, clients are covered by the Latvian investor compensation scheme up to €20,000 if the firm fails to return their assets; the scheme does not cover losses on the investments themselves or a failure of the servicing company. The operating company is small and was loss-making: a €682,000 loss in 2024 against €374,000 of equity.
Registering, investing, automatic investing, paying in and withdrawing are free. The fee schedule lists three charges: €2.90 a month for an account with no activity and no investments for six months, €50 for an extended account statement, and €300 to transfer holdings to another investor, for example as a gift or inheritance.
You get your money when your case ends. There is no market to sell notes to other investors and no buyback. Indemo promised an early-exit option for the second quarter of 2026 and a market between investors for the third quarter; in July 2026 it said it had regulatory approval, but neither was live in October 2026. Uninvested cash can be withdrawn from €10.
Return: Very High — completed cases earned 15% a year, the platform's own figure, though only a small share of the money has come back. Risk: High (higher means more risk) — no loss or default figure is published, the return headline covers only finished cases, and the promised way out is late. Risk-return: Medium — a very high return on paper for a high level of risk, with a long and uncertain wait.
License / Regulation: Indemo SIA (Riga, Latvia) holds a licence for investment services and ancillary investment services, number 06.06.08.824/547, granted on 15 November 2022 and supervised by the Bank of Latvia (Latvijas Banka). It is an investment firm under the EU MiFID II rules, not a crowdfunding service provider. Clients are covered by the Latvian investor compensation scheme up to €20,000 if the firm fails to return their assets; the scheme does not cover investment losses or a failure of the servicing company.
Yes. Indemo SIA is licensed as an investment firm by the Bank of Latvia (licence 06.06.08.824/547, since 15 November 2022). It is not a crowdfunding licence. The Latvian investor compensation scheme covers up to €20,000 if the firm fails to return your assets, not losses on the investments.
Uninvested money sits in a segregated client account at licensed EU banks, separate from Indemo's own accounts; the bank is not named. Your notes are issued by Indemo SPV Issuer No1 SIA and registered with Nasdaq CSD.
€10. The same €10 is the minimum for automatic investing and for withdrawals.
Completed cases earned 15% a year (August 2026) and the 27 repaid cases averaged 20.8% (October 2026). But only €4.8 million of €39.5 million has come back, and independent tracking of investor portfolios points to about 5.7% a year. Indemo publishes no figure for losses or failed cases.
Each note is backed by a mortgage claim on a Spanish home, bought at a discount: on average about 60% of the property's value. There is no buyback, reserve fund or insurance, and one Spanish company, Tauris Iberica, handles all recoveries. You wait for the debtor to pay, a court sale or a sale of the claim.
Not yet. There is no market to sell notes and no buyback. An early-exit option and a market between investors were promised for 2026 and approved by the regulator, but neither was live in October 2026.
Investing, paying in and withdrawing are free. The fee schedule lists €2.90 a month for an account with no activity and no investments for six months, €50 for an extended statement and €300 to transfer holdings to another investor.
If a case drags on, you wait; nothing pays you meanwhile, and you can lose money if the home sells for less than the price paid. If Indemo fails, client money and notes are kept separate from the firm, and the compensation scheme covers up to €20,000 of assets the firm fails to return.
The platform aims for 18 to 24 months; finished cases took 14 months on average. Some cases have run well past 24 months, and the platform says it can take up to five years.
