Last Update: 13 July 2026
The platform was officially registered in the Latvian company register in May 2022. Six months later, in November 2022, the P2P platform received its license as an investment firm, placing it under the supervision of the Latvian financial regulator and subject to MiFID II regulation. This means investor accounts are protected by the investor compensation scheme for up to EUR 20,000 in the event of misappropriation or the platform’s insolvency. Operational activity began in June 2023, while the official launch for investors took place in November 2023. The name Indemo is derived from “Investment Democracy” and reflects the company’s core mission: to offer retail investors the same investment opportunities traditionally reserved for institutional players and large funds – along with comparable returns and risk levels. Historically, the acquisition of non-performing loans (NPLs) has been an exclusive strategy accessible only to professional market participants and high-net-worth individuals who possess the financial and legal resources needed to manage such complex transactions. With the Indemo platform, retail investors are now also able to access these types of assets. All key facts and figures about Indemo at a glance. For those who prefer watching over reading, take a look at my Indemo video review (November 2025): How does Indemo make money? The Latvian P2P platform primarily generates its revenue through a commission of 5% to 6%, which is paid by the product originators. This commission is not linked to any profit sharing with investors but is paid out of the operational income of the debt seller. The revenue development over recent years has shown that the business model (commissions on NPL notes) is indeed working. In the 2025 financial year, Indemo generated revenue of EUR 1.02 million from commission income, which represents almost a threefold increase compared to the previous year (EUR 386,000). As Indemo develops into a multi-asset marketplace for alternative investments, additional sources of income are expected in the future. These may include management fees as well as a fee model for the use of the secondary market functionality. P2P lending is a dynamic asset class where investors should stay continuously informed. You will find the latest news on Indemo on my P2P lending news page, where I cover other P2P platforms as well. INDEMO has launched a new feature called “Dynamic Portfolio Revaluation”, designed to provide investors with a more up-to-date and indicative view of their active portfolio. The feature combines several dynamic portfolio metrics, including the estimated portfolio value, Indicative Reprice, estimated profit, and Indicative ROI. According to INDEMO, the new functionality is intended to help investors better understand both the current value of their portfolios and the pricing logic that may influence future valuations. Building on this feature, the company also plans to launch its previously announced secondary market later this year. Alternatively, you can subscribe to my Telegram channel or WhatsApp group (both free of charge) to receive real-time updates as soon as new developments emerge. To better assess the profile and prospects of a P2P platform, it’s worth taking a closer look at the people behind it. What does the ownership and shareholder structure at Indemo look like? And who are the individuals leading the platform’s day-to-day operations? More on this in the following sections of my Indemo review. Who owns Indemo? The P2P platform is operated by the Latvian company “SIA Indemo.” A look into the Latvian company register reveals that the platform has a very broad ownership structure, made up of both private individuals and legal entities, with more than 20 shareholders. The largest shareholder, holding 23.8%, is Ilja Hagins, making him the platform’s ultimate beneficial owner. He is also the driving force behind Indemo’s operational activities in Spain. Since 2019, he has served as Managing Partner at the Spanish company ATLAN ADVANCE MANAGEMENT, which specializes in the management, acquisition, and recovery of non-performing loans (NPLs), as well as related investment and advisory services. In addition to his in-depth market knowledge, he also possesses a strong network of contacts with Spanish banks and debt management firms – an essential factor when acquiring NPL portfolios. Originally from Latvia, Sergejs spent ten years working for Rietumu Banka, one of the largest private banks in the Baltics. As a result, he brings extensive experience in banking – particularly in the areas of operations, legal affairs, and compliance. Following that, he worked for just over two years as Senior Legal Counsel for the P2P marketplace Mintos, where he played a key role in supporting the platform’s licensing process as an investment brokerage firm, enabling its transition into a regulated environment. Currently, a core team of around 15 people is working at Indemo. To register with Indemo, private individuals must meet the following requirements: a minimum age of 18 years, and either EU citizenship or, alternatively, an EU residence permit. Legal entities have the option to register with Indemo as well. In this case, companies must submit additional information, including registration documents and details about the beneficial owners. Furthermore, there is a minimum initial deposit of EUR 5,000 for corporate accounts. The platform justifies this measure by citing the additional resources required for onboarding and providing tailored support. Indemo does not offer a continuous bonus for new investors. However, there are regularly new campaigns where investors can receive a starting credit or cashback bonus. Current Campaign: Investors who register on the platform using my Indemo partner link receive an additional 0.5% cashback. Other promotional P2P campaigns can be found on my bonus page. How does investing on Indemo work? What should you know, and what should you potentially watch out for? In the next sections, you will find a concise overview with all the answers. Indemo offers two product categories for investing on its P2P platform. These are, on the one hand, discounted debt investments (DDIs), and on the other hand, traditional mortgage loans. With discounted debt securities, investors have the opportunity to invest in non-performing loans from Spain that are secured by mortgages. These loans are purchased at a discount from Spanish banks and then resold at market value. The profit margin created in this process allows investors to earn an average expected return of 15.1% through Indemo, with a minimum term of 24 months. How do discounted debt securities work in detail? The mortgage loans are traditional real estate loans, similar to those found on platforms like Estateguru, Crowdpear, or Profitus. In this case, the financing supports the acquisition of real estate assets. Because the strategic focus has so far been on discounted debt notes, no mortgage loans have been listed on the Indemo platform to date. However, the P2P platform plans to add this product in the future, which is expected to offer an annual return of around 10%. Retail investors can register on Indemo free of charge. There are also no costs or hidden fees for investing on the Latvian P2P lending platform. The same applies to deposits and withdrawals on the platform. The expected return at Indemo must be assessed differently depending on the product category. For mortgage loans, the average interest rate is stated as 10%. Depending on the specific rate and the actual performance of the loans, the real return may end up being higher or lower. For discounted debt securities, Indemo promotes an expected annual return of 15.1%. This figure is based on a moderate scenario, assuming that 90% of the outstanding mortgage debts are recovered within 18 months from the investment date. Here as well, the actual return may turn out to be either higher or lower. As of May 2025, Indemo has listed 190 notes on the platform, backed by 80 underlying debts. Of these, seven debts have already been successfully recovered and sold, generating an average return of 26% p.a. This corresponds to an above-average and competitive return expectation within the P2P lending environment. On Indemo, investors can choose to invest manually in discounted debt securities or use the Auto Invest feature. This allows them to set specific investment criteria in advance, enabling fully automated investments on the platform. A minimum investment amount of EUR 10 is required to use the Auto Invest function. Mortgage-backed loans typically do not come with a buyback or group guarantee — and this is also the case with Indemo. Instead, these investments are secured by the value of the underlying property. In general, interest income generated by loan financing is considered investment income and must be reported as such in the tax declaration. Additionally, Indemo is legally required to withhold withholding tax on interest income generated from regulated financial instruments. The applied tax rate is based on the country of tax residency and the tax information that are submitted. In most cases, the withheld tax can be credited against your total tax liability in your country of residence. Whether this is possible depends on the applicable double taxation agreement between Latvia and your country of residence. Under the “Periodic Reports” section, investors can download a tax certificate for the respective year. In connection with the potential returns, the topic of risk should also be examined in detail. What should investors be aware of in the case of Indemo? Where are the underlying risks, and how should those be assessed? The Indemo platform, operated by SIA Indemo, launched its operations in June 2023. In its home market, the platform is supervised and monitored by the Latvian Central Bank (Latvijas Banka). No Red Flags present. Since November 2022, SIA Indemo has held a licence as an Investment Service Provider, issued by the Latvian Central Bank. Through its regulatory status, the platform is subject to the requirements of the Markets in Financial Instruments Directive (MiFID II). As a result, investor accounts are protected by up to EUR 20,000 (90% of net loss) through the Latvian investor compensation scheme, in the event of platform insolvency or misappropriation of investor funds. Potential loan defaults by loan originators are not covered by this scheme. Through its regulatory status, Indemo is also required to meet a high standard of compliance and transparency, including the annual publication of audited financial statements. Under MiFID II regulation, Indemo is required to keep investor funds separate from the platform’s own assets. In the event of insolvency, these funds are protected from enforcement proceedings and cannot be used to settle claims against third parties. Unlike traditional bank deposits, there is no entitlement to compensation through a deposit guarantee scheme. Investors should therefore be aware that invested capital is subject to a real risk of loss, that returns are not guaranteed and that it may not be possible to recover the full amount invested. The financial stability of a P2P platform is a key risk factor. Is Indemo already able to operate profitably? And what conclusions can be drawn from the balance sheet? Annual Report Auditor: Crowe DNW SIA Regulated audit firm. Standard: IFRS Internationally recognised standard. Transparent and comparable. The financial statements of SIA Indemo have been reviewed by Crowe Global since 2022 and audited in accordance with IFRS standards. The results are transparently available and can be downloaded from the Indemo website. Can Indemo already operate profitably? No! Although revenue in the 2025 financial year has almost tripled (EUR 1.02 million), the net loss of EUR 693,000 was almost identical to the previous year (EUR 682,000). This is not uncommon for a company that is still in its growth phase. The reason can be found in a sharp increase of costs. In particular, sales expenses more than doubled from EUR 408,000 to EUR 890,000, mainly driven by consistently high cashback campaigns on the P2P platform. At the same time, administrative expenses also increased by around 26% year over year. According to a three-year financial forecast, Indemo expects to reach break-even by the end of 2026. To achieve this, it would require a managed portfolio of between EUR 25 and EUR 30 million, with around 10,000 active investors. Despite the lack of profitability, Indemo’s balance sheet appears reasonably solid. Worth noting is that accumulated losses have already reached EUR 1.71 million, so the company continues to rely on external capital injections. For this reason, shareholders contributed an additional EUR 799,000 in share capital in 2025 (compared to EUR 756,000 in 2024) to ensure the platform’s continued operation and to comply with regulatory requirements. The quality of Indemo’s portfolio largely depends on the performance of its partners, who purchase non-performing loans in Spain at a discount to resell them profitably. The platform collaborates with Tamarindo Vector S.L., a Spanish special purpose vehicle (SPV) that holds the mortgage claims on its balance sheet. This company is licensed by the Spanish central bank as a real estate lender and mortgage loan provider. According to the 2024 financial figures, Tamarindo was able to generate a profit of EUR 56,000. On the other hand, the risk for investors is directly linked to the quality of services provided by the involved asset management companies, which are responsible for due diligence, claims management, and the recovery of non-performing loans. These partners include Atlan Advance and Taurus Iberica. They handle the scoring processes, conduct risk assessments, and select the most suitable claims on the market. The Indemo base prospectus outlines several scenarios that could negatively impact returns (page 14). These include: These factors highlight how closely investment success is linked to the quality of claims management and realistic assessments of the underlying assets. The asset management and debt recovery companies, which are responsible both for selection and recovery, play a central role in the risk assessment process. They ensure that only the most promising claims from the market are chosen. According to Indemo, less than 10% of the claims offered on the market are ultimately selected for the loan offerings on Indemo after a thorough selection process. The following factors are considered during the selection process: Additionally, only properties that meet certain criteria are considered on the Indemo platform. These include: Investments in discounted receivables typically have an expected time horizon of about two years to realize both the original investment and the associated returns. The main risk with discounted receivables, therefore, does not lie in the default of the underlying asset, but rather in potential delays in the legal process, which can extend the expected timeline for recovering the receivable. For this reason, from the moment the receivable is acquired, the collection agencies actively work on various recovery scenarios (exit strategies): Of the seven debts successfully recovered so far (as of May 2025), five were sold on the NPL market, one was sold via auction, and one was settled through an out-of-court agreement with the debtor. In this section, I have listed the biggest advantages and disadvantages of Indemo. What is the conclusion from this Indemo review? Is it worth investing? Since its launch in 2023, Indemo offers a promising alternative in the P2P lending space, providing a genuine added value (USP) for investors who want to meaningfully expand and diversify their portfolio beyond classic consumer loans with a unique concept. The core of the business model consists of investment opportunities in discounted debt instruments secured by Spanish mortgages. This is an approach that cannot be found in this form on any other P2P platform. The main risks include illiquidity, as investors must commit their money for at least two years without receiving a guaranteed regular cash flow during this period. This is an important factor for income-oriented investors to consider. Additionally, the actual performance of Indemo’s partners can only be reliably assessed over a longer timeframe. Those who can accept these conditions may be rewarded with above-average returns on a regulated P2P platform. Already invested in Indemo? Or looking for similar platforms? Here are three Indemo alternatives from the P2P market. Esketit: A P2P marketplace based in Ireland with a focus on short-term consumer loans. Compared to Indemo, Esketit offers notably higher liquidity through short loan durations and has stood out for years through reliable repayments and competitive interest rates. More information in my Esketit review. LANDE: A regulated crowdfunding marketplace based in Latvia. Focus on secured agricultural loans. Similar to Indemo, LANDE targets investors that are looking to invest in secured loans outside of classical consumer lending, with competitive return expectations. More information in my LANDE review. Crowdpear: A regulated crowdfunding marketplace based in Lithuania. Focus on mortgage-secured real estate loans from the Baltic region. Crowdpear was built by the same team behind the P2P marketplace PeerBerry and stands out through a notably strong loan portfolio performance and a high level of transparency. More information in my Crowdpear review. You can find other Indemo alternatives on the P2P Platform Comparison page. Are there any missing details in my Indemo review? Or do you find some outdated information? If so, please leave a brief comment below this review. Beyond that, personal opinions and insights about Indemo are also very welcome. Indemo is a Latvian P2P platform operational since June 2023, where investors can invest in discounted debt instruments secured by Spanish mortgages. The name derives from “Investment Democracy.” The platform is regulated under MiFID II, making it one of the few regulated P2P platforms in the market. Spanish banks sell defaulted mortgage loans at a discount. Indemo’s partner Tamarindo Vector purchases these as a special purpose vehicle and assigns specialist debt management firms to handle recovery. The resulting profit is split 50:50 between the partners and investors. Less than 10% of available claims on the market are selected for Indemo. Indemo advertises an expected annual return of 15.1% for discounted debt instruments, with a minimum term of 24 months. Of the seven claims successfully recovered by May 2025, an average return of nearly 26% p.a. was achieved. As I have not yet completed my own investment cycle, I cannot provide a personal benchmark figure. Yes. Indemo has been supervised by the Latvian financial authority since November 2022 and is regulated under MiFID II. Investor accounts are protected by the Latvian investor compensation scheme up to €20,000. There is no buyback guarantee. Security is provided by the value of the underlying property. Indemo does not offer a permanent bonus but runs regular campaigns. Registering via my partner link gives you an additional 0.5% cashback. Current conditions and campaign periods can be found on my bonus page. I’m Denny Neidhardt, the founder of re:think P2P. On this blog, I help retail investors make smarter, well-informed investment decisions in the world of P2P lending. Since 2019, I’ve been publishing in-depth analyses, platform reviews, and risk assessments to bring more transparency to this investment space. My goal is to challenge marketing claims, question developments, and empower investors with honest, independent insights.
What is Indemo?
Indemo is a Latvia-based P2P platform where investors can invest in both traditional mortgage loans and discounted debt securities. Depending on the investment product, expected returns range between 10% and 15%.Indemo at a Glance
Founded / Started:
20 May 2022 / Juni 2023
Legal Name:
SIA Indemo (LINK)
Headquarter:
Riga, Latvia
Regulated:
Yes (Financial and Capital Market Commission)
CEO:
Sergejs Viskovskis (June 2022)
Assets Under Management:
EUR 30+ million
Number of Investors:
21,000+
Expected Return:
15.1%
Risk Score:
6.0 / 10 (Rank 11 of 28)
Primary Loan Type:
Discounted Debt Investments
Collateral:
Mortgage
Business Model
Indemo News
Shareholder and Management
Indemo Shareholder
The strategic composition of the shareholder base is intended to strengthen the platform’s management expertise. Among the shareholders is Aquarium Investments, a licensed asset management company from Latvia that manages a portfolio exceeding EUR 50 million.Indemo Management
Indemo is led in its day-to-day operations by CEO Sergejs Viskovskis, who has been involved since the very beginning and holds 5.5% of the platform’s shares.
Sign Up and Bonus
Indemo Bonus
Investing on Indemo
Discounted Debt Investments
Mortgage Loans
Costs and Fees
Expected Returns
Auto Invest
Buyback Guarantee
Indemo Taxes
Indemo Risks
Platform Risk
Red Flags 0
Regulation and Licence
Segregation of Funds and Deposit Protection
Financial Stability
Profitability
Balance Sheet
Equity amounts to approximately EUR 480,000, with an equity ratio of around 70% of the balance sheet total. A liquidity ratio of 2.77 and a debt-to-equity ratio of 0.43 also don’t indicate any immediate financial issues. However, given the small balance sheet total of only EUR 686,000, these figures should not be overinterpreted.
Lender Risk
Risk Assessment Discounted Debts
Recovery
Advantages and Disadvantages
Summary Indemo Review
Indemo Alternatives
FAQ Indemo Review
