In 2023, Indemo has emerged as another alternative in the P2P lending industry. The Latvia-based P2P platform is regulated by the Latvian financial authority and hence compliant with MiFID II regulations.
What makes Indemo special is its unique business model, which is unlike any other P2P platform. It involves investing in discounted debt securities (NPLs) that are secured by Spanish mortgages. While the model may seem a bit complex at first glance, it offers enormous return potential for investors – far above the market average.
This Indemo review explores how realistic these returns actually are and what risks investors need to be aware of. Please note that this analysis is based on my personal research. Make sure to do your own due diligence before investing on Indemo or any other platform. More information can be found in the Disclaimer.
Further analyses of other platforms can be found on my P2P Platform Review page.
Summary
Before we get started, here is a quick summary with the most important information about Indemo.
- Indemo is a Latvian P2P platform where investors can invest in discounted debt securities and achieve an average return of 15.1%. In addition, the platform also offers traditional mortgage loans.
- The P2P platform was founded in May 2022, whereas its operations officially began in June 2023.
- Investors on Indemo can earn above-average returns. However, the successful recovery of defaulted debt securities takes time and can realistically only be assessed after about two years.
- The platform is operated by SIA Indemo, which has been supervised by the Latvian financial regulator and regulated under MiFID II since November 2022. As a result, investor accounts are protected by the investor compensation system, covering up to EUR 20,000 in case of misappropriation or the platform’s insolvency.
| 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) |
| Community Voting: | P12 out of 30 | See Voting |
| Assets Under Management: | EUR 10+ Million |
| Number of Investors: | 10.000+ |
| Expected Return: | 15.1% |
| Primary Loan Type: | Discounted Debt Investments |
| Collateral: | Mortgage |
| Bonus: | Up to 4% Cashback (30.06.2025) |
About 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%.
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.
Ownership and Management
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.
Indemo Ownership
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 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.
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.
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.
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.
Business Model and Finances
The business model and financial framework are central when evaluating a P2P platform. How does Indemo make money? Can the platform operate profitably? And how solid is the company’s financial position? The following sections of my Indemo review provide more detailed insights on these questions.
Monetization
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.
In the 2024 fiscal year, Indemo achieved a revenue of EUR 385,989 from commission income.
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, which is planned to be introduced at the end of 2025 or beginning of 2026.
Profitability
The financial statements of SIA Indemo have been audited by Crowe Global since 2022. The results are transparently available and can be downloaded from the Indemo website.
According to the current financial figures for 2024, Indemo recorded a loss of EUR 682,390 last year. This is not uncommon for a company still in a growth phase.
Based on a three-year financial forecast, Indemo expects to break even by the end of 2026. To achieve this, the platform needs to manage a portfolio between EUR 25 and EUR 30 million, with around 10,000 active investors.
Balance Sheet
Indemo’s balance sheet looks quite solid despite the lack of profitability. The equity ratio stands at a strong 75.4%, the liquidity ratio at 3.49, and the debt ratio at 0.33.
Overall, these are good and healthy KPIs, but they should not be overvalued given the very small and manageable total asset size of just EUR 495,348.
The positive results are also due to financial support from the shareholders, who have contributed an additional EUR 756,171 in share capital.
Sign Up and Bonus
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 Bonus
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:
- Period: May 26, 2025 to June 30, 2025
- Cashback: 1% cashback for investments of EUR 250 or more, 3% cashback for investments of EUR 1,500 or more, 4% cashback for investments of EUR 5,000 or more.
- Requirement: Investments must be made within the campaign period.
Investors who haven’t registered yet can sign up on the platform using my Indemo partner link. Other promotional P2P campaigns can be found on my bonus page.
Investing on Indemo
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.
Discounted Debt Investments
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?
- Banks are offering non-performing loans to the market at reduced prices that no longer fit their interests.
- The loans are then purchased by Tamarindo Vector, an Indemo partner that is licensed by the Spanish central bank, which primarily acts as a special purpose vehicle (SPV).
- The funds to buy these loans come partly from Tamarindo itself and partly from the debt securities issued on Indemo. Both parties therefore share the risks of the asset acquisitions as well as the potential profits.
- Once the claims have been acquired, debt collection is outsourced to asset management companies responsible for actively managing the loan portfolio.
- These partners are involved in the screening and selection of discounted claims beforehand, relying on their extensive network of banking contacts and expertise in evaluating claims.
- The key partners for debt and credit management include Atlan Advance, currently managing a loan portfolio worth EUR 38 million plus mortgage NPLs worth EUR 15 million; Taurus Iberica, managing over 5,000 assets with a total value exceeding EUR 500 million; and Revesta Soluciones, another partner in the brokerage and management of NPLs.
- After the debts are collected, profits are split 50:50 between Indemo’s partners and the investors.
Mortgage Loans
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%.
Costs and Fees
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.
Expected Returns
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.
Auto Invest
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.
Buyback Guarantee
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.
Indemo Forum
The P2P lending industry is a fast-moving environment. Hence, make sure to stay on top of all relevant information by subscribing to my channels on Telegram or WhatsApp. This way, you will always receive the latest information from the P2P industry, including platform news regarding Indemo.
Indemo Taxes
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.
- 20% for investors from Latvia
- 20% for investors outside the EU or EEA
- 5% for investors with residency in the EU or EEA (except Latvia)
- 0% for investors from Lithuania (tax certificate required)
- 0% for legal entities
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.
Indemo Risks
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?
Platform Risk
The P2P platform, operated by SIA Indemo, has held an investment firm license (Investment Service Provider) since November 2022, issued by the Latvian central bank, Latvijas Banka. As a result, the platform is subject to the provisions of the financial market directive MiFID II.
This means, among other things, that investor accounts are protected by the Latvian investor compensation scheme for amounts up to EUR 20,000, in the event of platform insolvency or misappropriation of investor funds. The platform is also subject to numerous compliance and transparency requirements, including the annual publication of audited financial statements, which can be viewed on this page.
So far, the P2P platform is not yet profitable. According to its own statements, Indemo would need to manage a portfolio of EUR 25 to EUR 30 million in order to reach profitability – a goal it aims to achieve by the end of 2026. Therefore, the greatest risk at the platform level is whether Indemo can maintain its operations until then.
Lender Risk
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 2023 financial figures, Tamarindo was able to generate a profit of EUR 21,768.
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:
- Delays in legal proceedings (e.g., court enforcement or transfer of ownership)
- Misjudgments in the valuation of claims or real estate
- Lack of interest from third parties in the resale of claims
- Deterioration of economic conditions or real estate markets
- Operational risks on the part of partner companies (e.g., servicing firm ceases operations)
These factors highlight how closely investment success is linked to the quality of claims management and realistic assessments of the underlying assets.
Risk Assessment Discounted Debts
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:
- Geographical Factors: targeted selection of densely populated areas with good recovery potential.
- Economic Factors: focus on regions with favorable economic conditions.
- Social Factors: assessment of social dynamics that may influence the asset.
- Urbanization Aspects: analysis of local growth trends and urban development.
Additionally, only properties that meet certain criteria are considered on the Indemo platform. These include:
- Exclusively residential properties (apartments, townhouses, villas).
- Fully completed and approved buildings (no construction or development projects).
- Locations with high liquidity and attractive prices in Spain, including major cities, nearby suburbs, and coastal regions.
- Focus on the mid-price segment to offer accessible investment opportunities.
Recovery
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):
- Legal (court) enforcement,
- Out-of-court settlement with the debtor,
- Sale of the receivable on the Spanish NPL market to third-party buyers at a profit margin.
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.
Advantages and Disadvantages
In this section, I have listed the biggest advantages and disadvantages of Indemo.
Advantages
- Innovative Product: Discounted debt securities secured by mortgages.
- Regulation: The platform is supervised by the Latvian Financial Supervisory Authority since 2022.
- Auto Invest: Investors can invest automatically in loans on the platform.
- Returns: Above-average and competitive return expectations.
- Shareholders: Broad shareholder base with extensive expertise.
- User-Friendliness: Simple and intuitive interface design.
- Free of Charge: No fees or costs for investors.
Disadvantages
- Liquidity: Long terms, no secondary market or early exit possible.
- Cash Flow: No regular monthly income.
- Track Record: Official launch in November 2023; market experience still developing.
Indemo Alternatives
The focus on discounted debt investments secured by mortgages in Spain is a unique model in the P2P lending environment. Accordingly, it is difficult to find comparable Indemo alternatives.
Esketit
On Esketit, investors can invest in assets from the loan originator Spanda Capital. This company was established by the two Esketit founders. Spanda Capital also specializes in purchasing Spanish non-performing loan portfolios at a discount. However, the focus is not on mortgages but on consumer loans. More information can be found in my Esketit review.
LANDE
LANDE is also a Latvia-based platform regulated by the financial supervisory authority. The collateral on this platform, which specializes in agricultural loans, consists of farmland and heavy machinery. The loan terms are similarly long as with Indemo. More information can be found in my LANDE review.
Crowdpear
Crowdpear is a similar alternative to Indemo, especially when focusing on mortgage-backed real estate loans. The Lithuania-based crowdfunding platform, also regulated, is a spin-off of the market leader PeerBerry and has been offering the same product category as Indemo for several years, but with a focus on Lithuania and the Baltics. More information can be found in my Crowdpear review.
You can find other Indemo alternatives on the P2P Platform Comparison page.
Indemo Review Community Voting
In 2025, Indemo participated for the first time in the annual P2P Community Voting. At its debut, Indemo received 93 reviews, resulting in a score of 3.32. This placed Indemo 12th out of 30 P2P platforms, which is a strong result for the Latvian P2P newcomer.
The Top 5 P2P platforms in 2025 were Viainvest, Debitum, Mintos, Swaper, and Income Marketplace.
Summary Indemo Review 2025
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.
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.
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.