AI-Powered Analysis: Indemo Platform

Indemo Investment Platform – 2025 Comprehensive Review 📊

Indemo is a European alternative investment platform that lets retail investors participate in Spanish real estate debt investments typically reserved for institutions. It operates as a fully licensed investment firm (MiFID) with no investor fees, aligning its income with investor success (profits are shared on successful deals). Key advantages include high-yield opportunities (target ~10–15% annual returns) backed by real estate collateral and oversight by the Central Bank of Latvia (investor funds protected up to €20k in case of platform default). Main risks involve illiquidity (no secondary market, funds locked ~1–2 years) and dependence on successful default recoveries – meaning ⚠️ potential delays or losses if property sales don’t cover costs. Overall, Indemo offers a unique, regulated way to diversify into real estate debt, but investors must be patient and comfortable with the higher risk profile.

Indemo’s Investment Products

Product Type: Indemo offers investments in mortgage-backed loans and “Discounted Debt Investments” (DDIs). The DDIs are defaulted Spanish mortgage loans purchased at a deep discount and backed by residential property. Investors buy notes issued by an Indemo SPV, each note linked to a specific property’s loan, and returns are generated when that property is sold or the borrower settles – yielding profit from the price difference. Returns: Mortgage loan notes pay regular interest (~10% p.a. typical), while DDIs target higher two-digit returns (often 15%+ p.a.) once the collateral is liquidated. Structure: All notes are regulated financial instruments (with ISINs on Nasdaq CSD) and give investors claim to the underlying collateral proceeds. Focus: Currently all projects are in Spain’s real estate sector, primarily fully-built residential properties in liquid markets (major cities and tourist regions). Typical note durations range 12–24 months, with minimum investment only €10, making it accessible yet long-term. Investors face no platform fees, no currency risk (investments in EUR), but must accept risks of default recoveries – if a foreclosure or sale yields insufficient funds, returns could be low or a total loss of that note’s principal is possible ⚠️.

Indemo Company Background and Regulation

Founders & Owners: Indemo was co-founded in 2022 by a team of Latvian and international fintech entrepreneurs. The largest shareholder (23.8%) is Ilja Hagins, an NPL specialist who leads Indemo’s operations in Spain. Sergejs Viskovskis, Indemo’s CEO, has led the platform since inception (mid-2022), and the management team includes veterans from banking and tech (CTO Daniels Zirjakovs, CFO Vladimirs Slapakovs, CRO Pavels Pochtarenko). Indemo’s ownership is broad (20+ shareholders) to support expertise, including Aquarium Investments, a Latvian asset manager, as a key backer. Legal Structure: The operating entity is Indemo SIA (Riga, Latvia), which created a note-issuing subsidiary Indemo SPV Issuer No1 SIA for the securities, and works with a Spanish SPV (Tamarindo Vector S.L.) that acquires the mortgage debts. Regulation: Indemo is a fully EU-regulated investment firm licensed by the Latvian regulator in November 2022. It is supervised by Latvijas Banka (Central Bank of Latvia) under MiFID II and is a member of the national Investor Compensation Scheme (protecting client funds up to €20,000 in case of Indemo’s insolvency). The platform operates across Europe under this license, offering services in multiple languages (over 20 EU languages on the site) to cater to a pan-European investor base.

Indemo Company Volumes and Performance (2023–2025)

Despite launching to the public in late 2023, Indemo has grown rapidly. By Q3 2025 it had over 14,000 registered investors (up from ~600 in Dec 2023 and 9,100 in Mar 2025), reflecting surging interest across Europe. Total funded volume reached approximately €20–21 million by late 2025, with quarterly investments hitting record levels (e.g. €18.5M invested in Q3 2025 alone). Assets Under Management (active notes outstanding) were about €15–18 million by Q3–Q4 2025, up from ~€1.6M at 2023’s end. Indemo has financed 100+ notes since inception, all backed by property, and as of end-2025 no investor has incurred a principal loss – every completed note has repaid investors in full (thanks to collateral sales). The average investor return on completed deals is around 20–23% annualized (far above initial projections). Notably, 10 DDI projects repaid in 2025 with annualized returns ranging from ~15% up to 30%+, and one early-case even yielded an exceptional 118% p.a. due to a quick high-margin settlement. However, these figures are based on a still-limited sample (a dozen+ exits), and future returns may normalize as the portfolio grows. Default/Overdue Rates: Because Indemo deals with already-defaulted loans, traditional “default rate” metrics don’t apply – instead the key metric is recovery success. So far, 100% of matured Indemo notes have achieved their recovery (no note failures), but timelines vary. Some notes closed in ~6 months, while others take 1.5–2 years; longer durations can reduce profitability as legal costs accrue. Overdues are not applicable in the usual sense (no monthly payments to miss), yet delays in asset sales beyond the expected term can occur, extending the investment period. Investor Returns: Indemo advertises ~15.1% p.a. expected return for DDIs and ~10% for standard mortgages. In practice, actual returns have ranged widely, but importantly no negative returns have been reported to date (no capital losses). This strong performance in 2024–2025 highlights the upside of buying debts at deep discounts, but it’s prudent for investors to expect moderate double-digit yields (e.g. 15–20%) over the long run and be prepared for outcomes to vary by project.

Risk Approach and Management at Indemo 🔍

Indemo employs a rigorous due diligence process and conservative criteria for selecting investments. All listed debts are sourced through experienced partners and undergo multi-layer screening: only about 10% of available NPLs are chosen for Indemo’s portfolio. Key filters include:

• Collateral quality: Only fully built residential properties (apartments, houses, villas) are eligible – no development or land-only projects. Each loan is secured by a mortgage, typically with a low Price-to-Value ratio (often the property value is ~2× the outstanding loan) to provide a cushion. An independent valuation from top appraisers (e.g. Tinsa or Idealista) is required for every property.

• Location: Focus on liquid, stable regions in Spain – major cities and popular coastal areas where demand supports property resale. This geographic strategy avoids volatile or remote markets, improving the odds of timely sale and good price.

• Legal & Servicing checks: Indemo partners with licensed Spanish firms (Tamarindo Vector S.L. and its servicing arm Tauris Iberica) that have 8+ years track record managing real estate debt portfolios. These partners perform detailed due diligence on each loan: verifying borrower status, legal enforceability of the mortgage, and any liens or complexities. Indemo ensures each debt is acquired by the SPV before offering it to investors, so there is no execution risk in the purchase stage.

• Internal Risk Scoring: While Indemo doesn’t publish a simple score for each project, it provides critical metrics (Loan-to-Value, Price-to-Debt ratios, expected timeline) and “Flow Stages” updates on every active debt. The team conducts scenario analyses (outlined in a published base prospectus) to stress-test potential outcomes, such as lower sale prices or legal hurdles. These analyses highlight risk factors like valuation inaccuracies, rising recovery costs, or enforcement delays that could impact returns – and Indemo selects only those deals that still show solid returns under conservative scenarios.

• Monitoring: Indemo provides transparent ongoing reporting. Investors can track the recovery progress of each note via the platform’s dashboard, which shows stages (e.g. legal actions, auction dates, sale completed) with real-time updatesi. In Q3 2025 alone, Indemo published 29 project updates (“Flow Stage Updates”) to keep investors informedi. This transparency helps investors gauge risk in real time.

Risk Mitigation: Indemo’s structure inherently aligns interests – the Foreclosure Agent (SPV) only profits when a loan is successfully resolved, and Indemo itself earns only after investors are paid back principal and share of profit. There is no buyback guarantee or insurance on the loans (investors bear the market risk), but the collateral provides a tangible safety net. If a borrower defaults (which in DDIs has already happened), investors are entitled to proceeds from selling the property, and even penalty interest or late fees in some cases for Mortgage Loan notes. Indemo also passed a regulatory safeguarding audit in 2024, confirming that client funds are properly segregated and protected in line with regulationsi. Overall, Indemo’s risk management emphasizes selectivity and transparency: only high-quality, secured debts are offered, and investors are kept informed at each step. However, investors should be aware that the platform relies on one primary servicer (Tauris) with no backup servicer in place, so a failure of that partner could pose challenges. Additionally, legal proceedings in Spain can be slow – a protracted foreclosure means longer lock-up and potentially lower net returns due to accumulating costs. Indemo acknowledges these risks in its prospectus and advises that outcomes, though generally positive so far, can vary; thorough due diligence and patience are essential from the investor’s side as well.

Indemo Platform Features and Functionality

Indemo’s platform offers a modern, user-friendly interface with tools to help investors manage their portfolio. Key features include:

• Auto-Invest: Investors can activate an Autoinvest strategy to automatically allocate funds across new notes meeting chosen criteria. This is useful given sporadic availability of notes. (Some users reported the auto-invest setup could be confusing, but it’s actively being improved.)

• Dashboard & Analytics: The platform provides a comprehensive investor dashboard with real-time data. A visual investment map shows the geographic location of all your deals in Spain. Indemo also launched a new Analytics Dashboard in mid-2024, displaying portfolio metrics like ROI, cashflow, and profit/loss at a glancei. Investors receive quarterly portfolio reports summarizing performance, plus notifications for every significant event (e.g. a property sale or legal milestone).

• Flow 2.0 Updates: In late 2025, Indemo rolled out “Flow 2.0,” a clearer tracking system where each note’s workflow is broken into stages (from acquisition, legal proceedings, to sale. Investors get colored status updates and detailed notes at each stage, enhancing transparency on how close a project is to completion.

• Secondary Market: Currently, there is no secondary market for trading Indemo notes (meaning investments are generally locked until completion). The team has indicated working on a prototype for secondary tradingi, but as of 2025 early exit is not available. This is a notable limitation in liquidity.

• Diversification Tools: Initially, Indemo bundled multiple loans into a single note (“Stacks”) to diversify within one investment. However, based on investor feedback, they shifted to a simpler 1 Note = 1 Debt model in late 2025 for more control and transparency. Investors can still diversify manually by buying small stakes (as low as €10) across many notes. The low minimum and variety of projects (over 100 different notes to date) enable effective diversification.

• Languages and Support: The platform supports 17+ languages, including English, German, Spanish, French, Italian, and Baltic and Nordic languagesi, reflecting its pan-European focus. Customer support is accessible via chat and email, and Indemo also maintains a Telegram community for quick updates and investor discussions (over several hundred members, active with team participation).

• Reports and Tax: Indemo provides tax statements and is a tax agent in Latvia – it automatically withholds a 5% tax on interest for EU/EEA individual investors. Investors can download an annual tax report from the platform for easy tax filing. The platform’s security is bolstered by two-factor authentication (2FA) and segregated client accounts, and there have been no reported security breaches.
  Overall, Indemo’s functionality is quite advanced for a young platform – combining the user experience of P2P lending apps with the rigor of an investment brokerage. Some users have noted occasional slow page loads when browsing deals, likely due to the data-heavy maps and updates, but the team is actively optimizing performance. The absence of a secondary market is a drawback, but Indemo’s frequent cashback promotions and referral bonuses (see below) help keep investors engaged while they wait for project outcomes.

Indemo Platform Fees and Pricing 💱

One of Indemo’s selling points is its transparent, low-fee structure. For investors, there are no fees to register, deposit, invest, or withdraw. Indemo does not charge any management fees or service fees from investors’ accounts. The platform earns its revenue only from successful investments – essentially via profit-sharing with the loan originator. When a defaulted loan is resolved, recovered funds pay back investors’ principal first; then any profit is split between investors and the Foreclosure Agent (the SPV that owns the loan) according to a set ratio, which is effectively the “interest” yield. Out of the Foreclosure Agent’s share, Indemo takes a cut or has a stake, meaning Indemo makes money only when investors make money. This aligns their incentives and is frequently praised by users as a fair model.

Fees for fundraisers/borrowers: In Indemo’s model, there aren’t traditional “fundraisers” like on crowdfunding platforms; instead Indemo’s partners (like the Spanish SPV or lending banks) benefit from Indemo bringing in investor capital. Those partners effectively pay Indemo through that profit split or other arrangements, rather than via upfront fees. There are no public listings of any origination fees or listing charges since Indemo’s deals are not open-to-all borrowers – it’s a closed pipeline of deals sourced by Indemo and partners. For the new Mortgage Loan product, Indemo likely earns part of the loan interest spread, but again investors are not charged a fee on it.

Transparency: Indemo clearly discloses the expected profit distribution on each investment. For example, a note might indicate an “Interest” of 15% – this actually reflects the forecasted annual return to investors after all costs and splits. All costs (legal fees, taxes on sale, etc.) are taken into account in the note terms. The Terms & Conditions update (Nov 2025) further clarified fee structures, confirming no hidden fees for investors and detailing the roles of each entity in the structure. Withdrawal of funds is free and typically processed within one business day. The only charges investors might indirectly face are currency conversion fees if their bank is not Euro-based (Indemo accepts only EUR deposits), or taxes on their returns.

For borrowers/sellers: The “borrowers” in Indemo’s DDI deals are usually banks selling NPLs or defaulting borrowers settling – they negotiate prices with Indemo’s SPV. Indemo doesn’t publicly charge them a fee, but obviously buys the debt at a discount (the discount is essentially their “cost”). In mortgage co-funding deals, any loan origination fees would likely be built into the loan and not charged separately on the platform.

In summary, Indemo’s pricing is extremely investor-friendly: 💰 0% platform fees. The platform’s income comes from deal profits, aligning with investors’ interests. This model adds confidence that Indemo is motivated to maximize successful recoveries. Investors should still consider that Indemo is a startup not yet profitable on its own (running at a loss while scaling), but it has raised capital to fund operations (see Success Stories) and keeps the fee structure simple to attract and retain users.

Negative Publicity and Concerns about Indemo ⚠️

So far, Indemo has avoided major controversies or scandals, and there have been no regulatory sanctions or warnings issued against it (as a regulated entity it operates under strict oversight, and there’s no sign of non-compliance). However, some concerns and criticisms have been noted by investors and reviewers:

• Illiquidity & Lock-in: The most common negative feedback is about the lack of a secondary market and the long wait for returns. Investors must often wait 1–2 years to see the outcome of a note, with no option to exit early. This illiquidity can be frustrating, and a few users on forums and Trustpilot have noted that Indemo is “not for short-term money” (you shouldn’t expect quick flips). The platform itself emphasizes patience – but this is a key risk: if you need cash, you cannot withdraw from an ongoing project.

• Website Performance: Some users have reported that the website can be slow or occasionally unresponsive when checking their portfolio. In mid-2025, a couple of Trustpilot reviews mentioned laggy interface and auto-invest glitches. While these technical issues don’t affect the investments themselves, they can affect user experience. Indemo’s team usually responds to such reviews, indicating that improvements and optimizations are underway.

• Reliance on Partner Servicer: Industry analysts have pointed out that Indemo currently relies on one primary servicing company (Tauris Iberica via Tamarindo Vector) to handle debt recovery. There is no backup servicer arrangement if that company fails or underperforms. This concentration risk means if something went wrong with the servicer (e.g. bankruptcy or loss of license), it could delay or jeopardize recoveries. Indemo has mitigated this by legal structure (having rights to take over collateral if needed), but it remains a point of caution in risk analysis.

• Young Track Record: As a very new platform, Indemo has a limited performance history. It launched operations in 2023, so it hasn’t yet been tested through different economic cycles. Some skeptics in forums have questioned whether the very high returns seen in early deals (e.g. 20%+ yields) are sustainable once the “low-hanging fruit” deals are done. The platform’s profitability is also not yet achieved (Indemo posted losses in 2023 and 2024 as it invested in growth). If growth targets aren’t met or if a major downturn hits Spanish real estate, Indemo could face challenges. That said, being regulated provides oversight and periodic audits, which is reassuring.

• Complexity & Niche Risk: Indemo’s model (investing in defaulted loans) is more complex than typical P2P lending, which has led to some misunderstandings. A few early users didn’t realize that returns are only paid at the very end (no monthly interest in DDIs) and expressed concern when they saw “0% received” for months – until the asset was sold and then a lump sum arrived. Indemo has improved its communication to investors (with explainers and academy content) to address this. Still, potential investors have to accept that this is a niche investment, not a standard loan – some personal finance commentators label it as higher risk and “not safe or stable, even if returns are high”, advising to keep P2P/NPL investments a modest portion of one’s portfolio.

• No Buyback Guarantee: Unlike some P2P sites, Indemo does not offer a buyback on default because defaults are the starting point here. While most understand this, a few newcomers asked if there’s any guarantee – the answer is no, aside from the collateral. This isn’t a negative publicity per se, but it’s a point often raised in discussions as something investors must be comfortable with.

Importantly, Indemo has taken a proactive approach to community feedback. The CEO often addresses questions in the Telegram group and via quarterly video updates. In 2024, Indemo was recognized for its transparency efforts (e.g. being rated as one of the most transparent among new platforms by some bloggers). To date, there have been no “failed projects” causing losses, nor public disputes with investors. The platform’s regulatory alliance in Latvia (see Success Stories) also indicates its commitment to high standards.

Overall, no red flags like fraud or insolvency have emerged around Indemo as of 2025. The red flags to watch are more about the inherent risks: long holding periods, uncertain recovery outcomes, and the platform’s ability to scale sustainably. Investors should weigh these factors and not be lured by returns alone – high returns come with high risk, and Indemo is no exception, despite its robust framework.

Indemo Success Stories and Milestones 🏆

Despite its short history, Indemo has notched several impressive milestones:

• Regulatory License and Launch: Indemo obtained its investment brokerage license in November 2022 after rigorous preparation (the licensing process took months of meeting strict capital and compliance requirements). This made Indemo one of the first real estate NPL platforms to be fully MiFID-regulated from day one. The platform officially launched to public investors in November 2023, and within its first quarter (Q1 2024) it garnered ~600 users and €1.6M AUM, signaling a strong market appetite.

• Seed Funding & Valuation: In May 2023, before launch, Indemo closed a €500,000 seed round from private investors in Riga, valuing the startup at €2.5 million. New notable investors joined, including tech entrepreneurs and fintech veterans (e.g. Joseph Burnstein of Aquatica, Gocha Tutberidze, and the Igosins family). This influx of capital allowed Indemo to build its team (hiring 10+ professionals) and accelerate platform development. By mid-2025, Indemo had raised a cumulative €1.53M in equity funding to fuel its growth, reflecting investor confidence even in a cautious market climate.

• Growth Records: Indemo’s growth has been remarkable. It surpassed 5 million EUR total invested by Q3 2024 and then 10 million by Q1 2025. In Q3 2025 it achieved its highest quarterly investment volume (€18.5M) and saw the investor count jump 32% in one quarter (from ~10.7k to 14.2k). The platform celebrated its 100th note listed in mid-2025 and its first 10 successful exits by late 2025 – concrete proof of concept that retail investors can profit from NPLs. As of late 2025, more than €2.6M has been paid out to investors in returns, including principal and profits, with every completed project delivering positive yields.

• Industry Recognition: Indemo has gained accolades in the fintech and startup community. It was named one of the “Top 10 Promising Latvian Startups” to watch in 2024 by EU-Startups.com, highlighting Indemo’s innovative model and its contribution to putting Latvia on the fintech map. The company was also featured at industry events – for instance, Indemo’s team presented at the Estonia “Toomas” Investment Conference in early 2024, gaining exposure among Baltic investors. In late 2024, Indemo joined forces with five other leading Latvian platforms (such as LANDE, VIAINVEST, Twino) to form an alliance advocating for regulated fintech and higher transparency in Europe. This alliance, supported by the government and central bank, underscores Indemo’s leadership in shaping the industry’s future.

• Platform Innovations: Indemo has continuously improved its platform as a success in itself. In 2024 it rolled out features like the interactive map and advanced analytics, which were well-received (users appreciated the modern UI and clarity). In 2025, Indemo introduced “Flow 2.0” and a one-note-one-loan structure, simplifying investments due to user feedback. The platform also opened a new headquarters office in Riga in 2025 to accommodate its growing team, marking its transition from a small startup to a more established company.

• Community and Returns: Indemo’s community of investors is becoming its evangelists. By late 2025, Trustpilot reviews averaged 4.2★/5, and users often cite the “unique investment niche” and strong communication as positives. The platform’s Telegram group celebrated multiple “repayment events” together, with investors sharing their returns (e.g. many seeing over 20% ROI on certain notes). Such success stories – like an early note where investors doubled their money in one year – have been highlighted in Indemo’s blog and YouTube channel, further building credibility.

In summary, Indemo’s journey from 2022 to 2025 has been marked by rapid growth, successful deal outcomes, and peer recognition. It has moved from concept to a €20M+ funded platform in two years, all while staying compliant and improving its service. For retail investors, these milestones provide reassurance that Indemo is delivering on its promise of “investment democracy” – opening high-yield real estate debt to everyone. The true long-term success will be measured in the coming years as more cycles complete, but the early stories are encouraging.

Is Indemo safe and regulated?

Yes – Indemo is a licensed investment firm regulated by the Central Bank of Latvia (since Nov 2022). It operates under EU investor protection rules, including membership in the Investor Compensation Scheme (covering up to €20,000 of client assets in case of firm failure). However, this scheme doesn’t protect against investment losses – you still bear the risk of the underlying loans. Overall, the platform itself is considered safe and reputable (no fraud concerns), but investments are risky by nature, so do your due diligence.

What returns can I expect on Indemo?

Indemo targets annual returns around 10–15% for most projects. Actual returns vary per deal – completed investments so far have delivered anywhere from ~15% up to 30%+ annualized, with an average around 20%. These high returns come from buying defaulted loans cheap and recovering them at market value. Important: returns are not paid monthly (except modest interest on some mortgages) but rather come as lump sums when a project finishes. And returns are not guaranteed – if a property sells for less or takes longer, your yield could be lower (in a worst case, you could get back only part of your money, or conceivably none, though that hasn’t happened yet).

How long is my money locked in?

Typically, your money is locked until the note is fully repaid – usually between 12 and 24 months. Indemo’s notes often have an indicative term (e.g. 18 months), but the actual timing depends on how quickly the defaulted loan is resolved (legal process and property sale). Some cases have closed in 6–9 months, others might extend beyond 2 years if there are delays. During this period, you generally cannot access your invested funds (see next question). Indemo does update you along the way, but you should invest only money that you won’t need in the near term.

: What are the main risks of investing on Indemo?

The main risks are: (a) Recovery risk – you are investing in defaulted loans, so if the collateral property can’t be sold at a good price or the legal recovery fails, you could lose money (up to total loss of that note)passives-einkommen-mit-p2p.de. (b) Illiquidity – your money is tied up with no guarantee of timing, which is a risk if you need liquidity or if the opportunity cost of other investments rises. (c) Platform/Partner risk – while Indemo is regulated, if it or its servicing partner became insolvent or mismanaged assets, there could be delays or complications in getting your funds (though client funds are segregated, and an administrator would take over in insolvency). (d) Market risk – a downturn in Spanish real estate could reduce recoveries or lengthen the time to sell, lowering returns. (e) Currency risk – minimal here since everything is in euros (no FX risk for euro investors, but non-euro investors should consider exchange rate when converting). In summary, this is a high-risk, high-return investment. Mitigate risks by investing modest amounts, diversifying across many notes (and other platforms), and being prepared for long hold periods. Indemo does what it can to secure each deal (real collateral, legal oversight, etc.), but there are no guarantees – you should be financially and psychologically ready for possible losses in pursuit of these returns.