Indemo Review

Indemo Review Summary

Indemo is one of the most unique platforms in the P2P lending industry. The company offers investments in secured, discounted, defaulted loans from Spain with an attractive average potential return of 15.1% per year.

While liquidity is limited, Indemo’s products could generate a very solid risk and return ratio for investors who don’t mind locking up their investments for a period of 2 years. 

Main Takeaways From Our Indemo Review:

If you want to earn the best risk-adjusted returns, Indemo should be on your list of active investment platforms.

Are you ready to earn the right yields?

What is Indemo?

Indemo is a regulated investment firm based in Latvia, specializing in discounted debt investments, specifically defaulted loans secured by mortgages in Spain. 

These loans are purchased from Spanish banks at a discount and resold at market value, offering investors a unique opportunity to earn yields from the profit share.

Indemo advertises an expected return of 15.1%, with a minimum loan term of 24 months, providing a potentially high-yield investment option backed by real estate.

Indemo works with SPVs in Spain, such as Tamarindo Vector S.L., to list debts on the platform. These SPVs purchase discounted debts from Spanish banks. Tamarindo collaborates with asset managers like Atlan Advance and Tauris Iberica, who carefully select discounted debts for Tamarindo Vector.

Once Tamarindo Vector acquires the debts, the debt collection process is outsourced to asset servicing companies, which then handle the recovery efforts.

To expand its portfolio, Tamarindo Vector refinances certain debts through Notes on Indemo.

Investors on Indemo can invest in these debts, and when the debt is recovered, the profit is split 50:50 between the SPV (like Tamarindo Vector) and the investors.

Our Opinion on Indemo

Indemo brings a fresh and differentiated approach to the P2P lending market by focusing on discounted, mortgage-backed loans from Spain. This niche strategy is currently unmatched by other platforms.

Unlike platforms such as Esketit, which invest in unsecured discounted loans via Spanda Capital, Indemo exclusively targets real estate-backed defaults—offering investors a stronger collateral position.

The platform advertises a target return of 15.1% annually. So far, it has exceeded expectations, with two completed investments averaging a 25% return. However, such outperformance may not be sustainable as the platform scales.

Its user interface is intuitive, and the investment structure—including real-time tracking of recovery processes—adds transparency that many platforms lack. Still, investors must accept a 24-month lock-up and a lack of monthly cashflow.

Indemo’s ambitious goal of growing its portfolio to €25 million by the end of 2025 may be hard to achieve without a secondary market and broader diversification. We estimate it could take 2–3 years before the platform reaches meaningful profitability.

In summary, Indemo could appeal to experienced investors seeking long-term, high-yield opportunities backed by real estate. But patience, risk tolerance, and trust in the management's execution are essential.

See how Indemo performs in our personal P2P portfolio with annual returns, holding periods, and allocation insights.

Requirements

The registration process on Indemo takes at least 15 minutes. You can register as an individual or as a company. The following steps demonstrate the registration process for private investors. 

Please note that Indemo does not accept investors from the UK, as the EU financial services license is no longer valid there. Additionally, users from Bulgaria and Croatia are temporarily restricted from investing on Indemo because both countries are currently on the FATF grey list due to significant AML/KYC deficiencies identified by international organizations.

During the sign-up process, you are required to type in your name, email, country of residence, and the promo code P2PEMPIRE. 

After verifying your email address via the link in your inbox, you must add information about your country of birth, current address, tax details, and whether you are politically exposed. 

In the next step, you will have to pass the sustainability and appropriateness test and answer questions related to your experience in investing and your finances. 

In the final step, verify your identity via Veriff, your verification partner. During this process, you will be asked to scan a QR code on your screen and upload a photo document along with your selfie. 

The Indemo team will then review your registration and activate your account. This usually takes only a few hours. 

Upon activation, you can transfer funds to your investment account. Ensure you top up your account from a bank account in the European Economic Area held in your name.

You will find the deposit information by clicking on “Add Funds” in the top right-hand corner of your screen. 

When transferring funds to your Indemo account, it's important to enter the correct payment details so Indemo can allocate the transfer properly. Typically, both deposits and withdrawals are processed within one business day. After your first deposit, future deposits are credited to your account instantly.

Note that Indemo only accepts investors who are at least 18 years old and reside in EU/EEA.

We recommend activating your 2FA in the Settings menu in your account to increase the safety of your investment account. 

Risk & Return

Investing on any P2P or crowdfunding platform comes with certain risks and you must understand how those risks impact your investment portfolio. 

Indemo currently offers investments in defaulted mortgage-backed loans from Spain with limited measurable returns. During our research, we identified the following risks: 

Platform Risk

Indemo is a newcomer to the P2P lending space, having launched in late 2023. Despite its short track record, it has already attracted nearly €4 million in assets under management—an encouraging start.

The platform aims to grow this figure to €25 million by the end of 2025. While ambitious, this target may be difficult to reach given the current lack of a secondary market and the relatively illiquid nature of its offerings.

In our view, Indemo would likely need to scale its portfolio to at least €50 million to achieve long-term profitability. Similar projections by other fintech startups have often proven optimistic, especially when early growth relies heavily on external capital and investor sentiment.

So far, Indemo has raised €1.53 million in equity, which shows solid investor interest. However, sustained growth will depend on consistent performance, successful debt recovery, and building investor trust over time.

The core platform risk lies in Indemo’s ability to maintain operations while managing a growing portfolio of complex, long-duration investments. Should recovery rates drop or investor inflows slow, the platform may face operational challenges.

Lender Risk

It's important for investors to understand that Indemo serves as an intermediary between investors and lending companies by listing investment opportunities in the form of Notes on its platform.

The quality of Indemo’s portfolio is largely dependent on the operations of its lending partners, who acquire discounted debts in Spain with the intent to sell them profitably.

To better grasp the risks involved, let’s first explain how Notes are listed on Indemo.

The platform works with debt suppliers such as Tamarindo Vector S.L., a Spanish special purpose vehicle (SPV) that holds mortgage titles on its balance sheet.

Tamarindo Vector is licensed by the Bank of Spain as a real estate lender (Prestamista inmobiliario) and by the Directorate General for Consumer Affairs for loan contracting and intermediation services.

There are several risks tied to the lending companies, including:

We’ve reviewed Tamarindo’s financial report for 2023, which you can access here. Tamarindo Vector achieved profitability in 2023.

Tamarindo works closely with Atlan Advance and Tauris Iberica, companies that handle due diligence, debt management, and debt recovery.

These firms advise Tamarindo Vector on purchasing discounted debts that meet the company’s criteria.

According to its website, Atlan Advance manages a portfolio of over €55 million and has been in operation for more than a decade. It is also registered as a real estate credit intermediary with the Bank of Spain.

Indemo also shared that Tauris Iberica manages over 5,000 assets valued at €500 million.

Unfortunately, there is no public database to independently verify these figures or assess the performance of their assets under management.

Asset Management Services

The risk associated with the lender is directly linked to the quality of asset management services provided by these supporting companies.

Asset management and servicing firms conduct scoring, due diligence, and select the most suitable debts available in the market.

This process involves internal and external valuations, with only about 10% of available debts making it into the portfolio.

These debts are then packaged into Notes and listed on Indemo, along with key metrics such as Price-to-Value and Price-to-Debt.

Indemo's base prospectus outlines specific scenarios that could negatively impact your returns, including:

As you can see, there are numerous risks to consider. While Indemo operates within a robust legal framework, investors should fully understand and accept these risks before committing funds.

Risk Mitigation

To reduce risk for investors, Indemo applies strict criteria when selecting which debts are listed on its platform. Only high-quality, secured loans make it through this process.

Here’s how Indemo filters investments:

• Collateral Type: Only fully built residential properties—such as apartments, townhouses, or villas—are eligible. Construction or development projects are excluded.
• Location: The focus is on liquid and stable areas in Spain, including major cities and popular coastal regions, particularly in the mid-price segment.
• Key Metrics: Each debt must meet strict thresholds for Price-to-Value (PTV) and Price-to-Debt (PTD) ratios. An official, up-to-date valuation report is also required.

Another important safeguard is that Tamarindo Vector, the Spanish SPV, purchases the debts from its own funds before listing them on Indemo. This pre-financing reduces execution risk and allows investors to access Notes composed of debts already in various recovery stages.

In short, Indemo’s filtering process aims to list only recoverable, well-documented debts in attractive locations—reducing the likelihood of poorly performing assets entering the platform’s portfolio.

Performance Scenarios

According to the key information document provided by Indemo, the return on the investment in discounted secured debts depends on various factors. Here are some relevant data that may help you to better understand the risk and return on Indemo. 

The following scenario calculations are based on an average Price-to-Value (PTV) and Price-to-Debt (PTD) ratio of 62% for the Note.

Stress Scenario:
Debt recovery fails, and the real estate properties are taken over and sold at a 44.3% price drop after 3.5 years, reflecting Spain’s largest property price decline during the 2008-2014 mortgage crisis. Auction taxes, fees, and brokerage commissions are included.

Unfavorable Scenario:
After two years, properties are sold at auction for 15% below the appraised value, with taxes and fees included.

Moderate Scenario:
A pre-trial arrangement allows the debtor to repay 90% of their obligations within 18 months.

Favorable Scenario:
A pre-trial arrangement allows the debtor to repay 90% of their obligations within 9 months.

Indemo advertises returns based on the moderate scenario, signaling the company's confidence in operating within the moderate to favorable range.

However, for Indemo to achieve its financial objectives, it will need to consistently deliver on these expected returns.

If investors experience stress or unfavorable scenarios, it could significantly undermine confidence in the platform, leading them to seek alternatives elsewhere. Maintaining performance within the advertised scenarios is crucial for sustaining investor interest.

High Yields

Investing in discounted debt investments (DDIs) on Indemo offers two main strategies, each with different return and liquidity profiles:

In both cases, investors benefit from significant discounts on real estate-backed claims. According to Indemo, returns on these investments have ranged between 15% and 35%, depending on how quickly the debt is recovered.

The primary risk is time—debt recovery may take months or even years. But for investors willing to wait, the yield potential remains among the highest in the P2P lending space.

€20,000 Protection Scheme

Indemo SIA is part of the national investor compensation scheme, established under EU Directive 97/9/EC. This scheme provides protection by compensating investors if Indemo SIA is unable to return financial instruments or cash. The maximum compensation an investor can claim is 90% of their net loss, capped at €20,000.

It's important to note that this compensation does not act as a buyback or group guarantee. If market or lender-related risks materialize, investors may not receive any compensation under this scheme.

Taxes

Since investors on Indemo are investing in transferable securities (Notes), Indemo, as the withholding agent, must deduct withholding tax from individual investors. 

For EU/EEA tax residents, the standard tax rate is 5%, unless reduced by an applicable double tax treaty—such as in Lithuania, where the rate is 0%. If you're investing through a corporate entity, the withholding tax rate is 0%.

No additional tax documentation is needed, as Indemo relies on the information provided during the onboarding process. 

As a MiFID-regulated investment firm offering EU securities, Indemo provides a tax report that allows investors to easily offset the tax paid on the platform against the tax due on passive income (interest) in their home country, avoiding any additional tax liabilities.

Usability

The team behind Indemo has put significant effort into enhancing the platform's usability, tailored specifically for investing in discounted mortgage-backed debts in Spain.

Upon logging in, you’ll immediately see the available Notes, complete with the expected return, Note amount, Price-to-Value ratio, and Flow progress.

By clicking the checkmark button in the top right corner of a Note, you can review the actual discounted mortgages displayed on a map, giving you a clear view of the asset locations.

Indemo primarily focuses on financing mortgage-backed securities in coastal areas and larger cities, as these properties tend to be more liquid than those in rural areas.

By selecting the Note number, you’ll open the Flow view, where you can see both the debts included in the Note and the progress of loan recovery. One Note may include multiple debts in various recovery stages, as shown in the screenshot below.

The further along the recovery process, the higher the liquidity of your investment. While the platform suggests a 24-month term, you may receive your funds and profit earlier if the asset managers are able to sell the debt sooner.

In the “Objects” tab, you can explore more detailed information about the properties within the Note, including the price-to-value ratio and current status. The orange bar chart shows the portion of the debt allocated to that specific Note.

You can also click on individual properties to learn more about them and view the attached appraisal reports, which are available for all listed properties.

The “Note Summary” tab provides additional details about the Note. After investing, you can monitor your portfolio under the “Asset” section in the navigation bar.

Indemo Auto Invest

Indemo offers an Auto Invest feature, allowing you to set predefined criteria and automate your investments. However, if you're new to the platform, we recommend starting with manual investments to familiarize yourself with the options available.

Liquidity

As of our testing, Indemo does not yet offer a secondary market. However, during our conversation with the CEO, it was confirmed that a secondary market is planned for the first half of 2025.

Given that debt recovery on Indemo can take an average of two years, investors should be prepared to commit their capital for the medium term. In return, they may benefit from premium returns on their investments.

Additionally, Indemo aligns its returns with fixed annual deposit rates for newly invested capital, providing an incentive for investors to explore the platform. This has been made possible with Indemo’s “Fast Track” campaign.

It’s important to note that once you invest on Indemo, you won't be able to withdraw your funds until the debt is recovered, which can range from a few months to several years.

Support

During our testing, we contacted the CEO directly and received in-depth answers to all of our questions within one to three business days.

We also engaged with the platform’s support team, which handles client onboarding, and their response time was typically within one business day.

We rate the quality of the support as high. If you use the live chat function on Indemo’s website, you can expect a response within a few minutes or hours, depending on the complexity of your query.

Indemo Alternatives

Indemo is a high-risk, high-return platform with irregular payments and longer investment terms compared to most other platforms. While it has delivered returns above what was advertised, its track record is still limited. As a result, you might want to explore other alternatives to diversify your investments.

Fintown

Fintown is a Czech-based platform offering investments in operational rental units in Prague. Investors can earn monthly rental income from these properties. Fintown also provides higher-yield investment opportunities through development loans managed by Vihorev Group. The platform only lists in-house loans, which helps reduce external risks that investors might face on platforms like EstateGuru. Learn more in our Fintown review.

InRento

For a regulated platform with a flawless portfolio and monthly rental income, InRento is worth considering. It offers above-market returns on mortgage-backed loans used to refurbish and manage rental properties in Lithuania and Poland. Discover more in our InRento review.

LANDE

If you're looking for a more traditional crowdfunding platform with secured, higher-yielding investments, LANDE is a solid option. This regulated Latvian platform specializes in agricultural loans, secured by land, crops, or machinery. Learn more in our LANDE review.