Indemo

Indemo is a Latvia-based investment platform licensed by the Central Bank of Latvia that provides EU investors with access to real-estate-backed debt investments, primarily in Spain. The platform offers investments in mortgage loans and discounted debt and is open to EU citizens, EU residents, and legal entities, while U.S. residents are not permitted to invest. UK citizens living in an EU country can also register. Since its inception in May 2023, Indemo has accumulated a total funded volume of €22.5 million. Over the last 12 months, the platform facilitated €16.23 million in investments, averaging €1.35 million per month.^[1] Indemo states that investors have achieved an average annual return of 22.4% and that the platform has more than 17,000 registered investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with terms of up to 24 months.
• Indemo states to have achieved 22.4% average annual return and targets 15.1%.
• The platform does not provide any detailed statistics on delayed repayments or defaults.

Indemo provides EU investors with access to Spanish real-estate-backed debt through regulated investment notes. The platform operates as an EU-regulated investment firm authorized by the Central Bank of Latvia and is compliant with MiFID II. Investments are structured as property-backed notes that are registered securities with NASDAQ CSD, giving investors exposure to mortgage-secured loans with underlying real estate collateral in Spain.^[3]

Indemo focuses on two core strategies. Mortgage loan investments give investors exposure to interest-bearing loans secured by Spanish real estate, with returns generated from borrower payments. Discounted debt investments involve acquiring non-performing mortgage loans from Spanish banks at a discount, where returns are realized through the enforcement process and eventual sale of the underlying property.^[4] This strategy relies on purchasing assets at a low price-to-value level to create a margin of safety rather than relying on market appreciation.

The minimum investment is €10, making the platform accessible to retail investors. Investments typically have a fixed term and follow a bullet structure, meaning principal and returns are paid at maturity rather than periodically.^[5] Indemo emphasizes enhanced due diligence, with assets reviewed by certified appraisal firms, licensed loan servicers, and its internal investment team before being listed on the platform.

Indemo acts as a tax agent and withholds tax on interest income generated from both discounted debt investments and mortgage loan investments. For individual investors who are tax residents of the EU or EEA, the withholding tax rate is 5%. For individual investors who are tax residents of Latvia or non-EU/EEA countries, the withholding tax rate is 25.5%. Investors remain responsible for complying with local tax reporting and declaration rules in their country of tax residence.^[6]

Investor protection is provided through Latvia’s Investor Compensation Scheme, which covers up to €20,000 per investor if Indemo fails to return financial instruments or cash held on behalf of clients. This protection does not cover investment losses related to the performance of the underlying assets. Indemo does not currently offer a secondary market, so investors should expect to hold investments until maturity, although an auto-invest feature is available to streamline portfolio allocation.^[7]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets its real-estate-backed investments with a target return of up to 15.1% per year, depending on the specific asset and structure. At the same time, the platform states on its front page that investors have achieved an average annual return of 22.4% across investments to date.^[8] This higher figure is primarily driven by discounted debt investments, where assets are acquired at a significant discount to property value and returns are realized through the legal enforcement and sale process rather than through recurring interest payments.

While Indemo highlights these return figures, the platform does not publish detailed statistics on delayed repayments, defaults, or realized losses, making it difficult to independently assess portfolio-level risk or dispersion of returns across investments. Investing on Indemo is free for investors. The platform does not charge fees for account creation, deposits, withdrawals, or holding investments. Indemo earns its revenue by charging fees at the asset or originator level, but it does not publicly disclose the size or structure of these fees.^[9]

Indemo also operates a referral program aimed at growing its investor base. Investors who invite new users via a referral link receive a €25 bonus once the referred investor completes their first investment of at least €50 in a single transaction. The referred investor receives the same €25 bonus. There is no stated limit to the number of referrals an investor can make, and Indemo provides a dashboard to track referral activity and rewards.^[10]

Indemo is led by a management team with experience spanning law, technology, finance, and asset management. Sergejs Viskovskis, CEO, leads the company’s overall strategy and regulatory positioning with previously held legal positions at Mintos. The technology function is headed by Daniels Zirjakovs, CTO, who is responsible for the platform’s technical infrastructure and systems. Financial oversight is handled by Vladimirs Slapakovs, CFO, overseeing financial management and reporting. Asset and risk oversight is led by Co-founder and CRO Pavels Pochtarenko, with responsibility for risk management and real-estate-backed investment structuring.^[11]

Indemo SIA is a Latvia-registered limited liability company headquartered in Riga and licensed by the Bank of Latvia to provide investment and ancillary services under MiFID II. The platform operates through a group structure that includes a wholly owned subsidiary, Indemo SPV Issuer No1 SIA, which is used to issue notes backed by underlying credit claims.

As of 31 December 2024, Indemo SIA had a diversified shareholder base. The largest shareholder is Ilja Hagins, holding 24.74% of the company’s share capital. Other significant shareholders include Andrzej Pawlow (8.22%) and AS Aquarium Investments IPS (7.24%). Members of the management team also hold meaningful equity stakes, with individual ownership levels typically around 6–6.2%, while CEO Sergejs Viskovskis holds 5.78%. No single shareholder controls a majority of the company.

2024 was the first full year of platform operations. During the year, Indemo focused on scaling its client base, expanding its discounted debt product offering, and investing heavily in technology, compliance, and customer acquisition. The company generated commission income of €386,000 in 2024, up from €58,644 in 2023, reflecting rapid growth in platform activity. However, these expansion efforts resulted in a net loss of €682,000 for the year, compared with a loss of €333,000 in 2023.

To support growth and maintain regulatory capital adequacy, Indemo raised €756,000 in new equity during 2024 and continued capital raising into early 2025. As of year-end 2024, the group reported total equity of approximately €374,000 and cash and cash equivalents of around €424,000. The company’s financial statements were audited by Crowe DNW SIA, which issued an unqualified opinion and confirmed that the financial statements present a true and fair view in accordance with IFRS as adopted by the EU.

From an operational perspective, Indemo currently focuses primarily on discounted debt investments backed by Spanish non-performing mortgage loans, serviced by a professional loan servicing company supervised by the Central Bank of Spain. Management states that several recoveries completed in 2024 resulted in investor returns exceeding the 15.1% annual target stipulated in product terms. The company is authorised to provide services in 29 EU/EEA countries under passporting rules and plans to expand its product range in 2025 to include additional real-estate-backed investment products.^[12]

In a written interview published in November 2025, CEO Sergejs Viskovskis emphasized that Indemo’s strategy is deliberately focused on discounted debt rather than traditional interest-bearing lending. According to management, returns are primarily driven by acquiring mortgage-backed claims at significant discounts and executing recoveries within Spain’s established legal framework, rather than relying on borrower cash flows or property price appreciation. Viskovskis also highlighted that Indemo intentionally limits deal volume to maintain underwriting discipline and prefers fewer, larger recoveries over continuous deal flow. Looking ahead, management indicated plans to expand the platform’s product offering beyond discounted debt, including additional real-estate-backed structures, while continuing to prioritize regulatory compliance, transparency, and institutional-grade servicing partnerships.^[13]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Frontpage: Statistics”
3. Indemo: “FAQ: Is Indemo a regulated investment firm?”
4. Indemo: “FAQ: What are Notes?”
5. Indemo: “FAQ: What is the minimum and maximum investment amount that can be invested in a single Note?”
6. Indemo: “FAQ: How is my investment income taxed?”
7. Indemo: “FAQ: What happens to my investment if Indemo ceases to operate?”
8. Indemo: “Frontpage: Statistics Figures”
9. Indemo: “FAQ: What fees are applicable?”
10. Indemo: “FAQ: How does the referral program work?”
11. Indemo: “Our Team”
12. Indemo: “Financial Reports”
13. P2PMarketData: "Sergejs Viskovskis: Indemo Redefines NPL Investing with 1 Debt : 1 Note”

Indemo is a Latvia-based investment platform licensed by the Central Bank of Latvia that provides EU investors with access to real-estate-backed debt investments, primarily in Spain. The platform offers investments in mortgage loans and discounted debt and is open to EU citizens, EU residents, and legal entities, while U.S. residents are not permitted to invest. UK citizens living in an EU country can also register. Since its inception in May 2023, Indemo has accumulated a total funded volume of €22.5 million. Over the last 12 months, the platform facilitated €16.23 million in investments, averaging €1.35 million per month.^[1] Indemo states that investors have achieved an average annual return of 22.4% and that the platform has more than 17,000 registered investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with terms of up to 24 months.
• Indemo states to have achieved 22.4% average annual return and targets 15.1%.
• The platform does not provide any detailed statistics on delayed repayments or defaults.

Indemo provides EU investors with access to Spanish real-estate-backed debt through regulated investment notes. The platform operates as an EU-regulated investment firm authorized by the Central Bank of Latvia and is compliant with MiFID II. Investments are structured as property-backed notes that are registered securities with NASDAQ CSD, giving investors exposure to mortgage-secured loans with underlying real estate collateral in Spain.^[3]

Indemo focuses on two core strategies. Mortgage loan investments give investors exposure to interest-bearing loans secured by Spanish real estate, with returns generated from borrower payments. Discounted debt investments involve acquiring non-performing mortgage loans from Spanish banks at a discount, where returns are realized through the enforcement process and eventual sale of the underlying property.^[4] This strategy relies on purchasing assets at a low price-to-value level to create a margin of safety rather than relying on market appreciation.

The minimum investment is €10, making the platform accessible to retail investors. Investments typically have a fixed term and follow a bullet structure, meaning principal and returns are paid at maturity rather than periodically.^[5] Indemo emphasizes enhanced due diligence, with assets reviewed by certified appraisal firms, licensed loan servicers, and its internal investment team before being listed on the platform.

Indemo acts as a tax agent and withholds tax on interest income generated from both discounted debt investments and mortgage loan investments. For individual investors who are tax residents of the EU or EEA, the withholding tax rate is 5%. For individual investors who are tax residents of Latvia or non-EU/EEA countries, the withholding tax rate is 25.5%. Investors remain responsible for complying with local tax reporting and declaration rules in their country of tax residence.^[6]

Investor protection is provided through Latvia’s Investor Compensation Scheme, which covers up to €20,000 per investor if Indemo fails to return financial instruments or cash held on behalf of clients. This protection does not cover investment losses related to the performance of the underlying assets. Indemo does not currently offer a secondary market, so investors should expect to hold investments until maturity, although an auto-invest feature is available to streamline portfolio allocation.^[7]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets its real-estate-backed investments with a target return of up to 15.1% per year, depending on the specific asset and structure. At the same time, the platform states on its front page that investors have achieved an average annual return of 22.4% across investments to date.^[8] This higher figure is primarily driven by discounted debt investments, where assets are acquired at a significant discount to property value and returns are realized through the legal enforcement and sale process rather than through recurring interest payments.

While Indemo highlights these return figures, the platform does not publish detailed statistics on delayed repayments, defaults, or realized losses, making it difficult to independently assess portfolio-level risk or dispersion of returns across investments. Investing on Indemo is free for investors. The platform does not charge fees for account creation, deposits, withdrawals, or holding investments. Indemo earns its revenue by charging fees at the asset or originator level, but it does not publicly disclose the size or structure of these fees.^[9]

Indemo also operates a referral program aimed at growing its investor base. Investors who invite new users via a referral link receive a €25 bonus once the referred investor completes their first investment of at least €50 in a single transaction. The referred investor receives the same €25 bonus. There is no stated limit to the number of referrals an investor can make, and Indemo provides a dashboard to track referral activity and rewards.^[10]

Indemo is led by a management team with experience spanning law, technology, finance, and asset management. Sergejs Viskovskis, CEO, leads the company’s overall strategy and regulatory positioning with previously held legal positions at Mintos. The technology function is headed by Daniels Zirjakovs, CTO, who is responsible for the platform’s technical infrastructure and systems. Financial oversight is handled by Vladimirs Slapakovs, CFO, overseeing financial management and reporting. Asset and risk oversight is led by Co-founder and CRO Pavels Pochtarenko, with responsibility for risk management and real-estate-backed investment structuring.^[11]

Indemo SIA is a Latvia-registered limited liability company headquartered in Riga and licensed by the Bank of Latvia to provide investment and ancillary services under MiFID II. The platform operates through a group structure that includes a wholly owned subsidiary, Indemo SPV Issuer No1 SIA, which is used to issue notes backed by underlying credit claims.

As of 31 December 2024, Indemo SIA had a diversified shareholder base. The largest shareholder is Ilja Hagins, holding 24.74% of the company’s share capital. Other significant shareholders include Andrzej Pawlow (8.22%) and AS Aquarium Investments IPS (7.24%). Members of the management team also hold meaningful equity stakes, with individual ownership levels typically around 6–6.2%, while CEO Sergejs Viskovskis holds 5.78%. No single shareholder controls a majority of the company.

2024 was the first full year of platform operations. During the year, Indemo focused on scaling its client base, expanding its discounted debt product offering, and investing heavily in technology, compliance, and customer acquisition. The company generated commission income of €386,000 in 2024, up from €58,644 in 2023, reflecting rapid growth in platform activity. However, these expansion efforts resulted in a net loss of €682,000 for the year, compared with a loss of €333,000 in 2023.

To support growth and maintain regulatory capital adequacy, Indemo raised €756,000 in new equity during 2024 and continued capital raising into early 2025. As of year-end 2024, the group reported total equity of approximately €374,000 and cash and cash equivalents of around €424,000. The company’s financial statements were audited by Crowe DNW SIA, which issued an unqualified opinion and confirmed that the financial statements present a true and fair view in accordance with IFRS as adopted by the EU.

From an operational perspective, Indemo currently focuses primarily on discounted debt investments backed by Spanish non-performing mortgage loans, serviced by a professional loan servicing company supervised by the Central Bank of Spain. Management states that several recoveries completed in 2024 resulted in investor returns exceeding the 15.1% annual target stipulated in product terms. The company is authorised to provide services in 29 EU/EEA countries under passporting rules and plans to expand its product range in 2025 to include additional real-estate-backed investment products.^[12]

In a written interview published in November 2025, CEO Sergejs Viskovskis emphasized that Indemo’s strategy is deliberately focused on discounted debt rather than traditional interest-bearing lending. According to management, returns are primarily driven by acquiring mortgage-backed claims at significant discounts and executing recoveries within Spain’s established legal framework, rather than relying on borrower cash flows or property price appreciation. Viskovskis also highlighted that Indemo intentionally limits deal volume to maintain underwriting discipline and prefers fewer, larger recoveries over continuous deal flow. Looking ahead, management indicated plans to expand the platform’s product offering beyond discounted debt, including additional real-estate-backed structures, while continuing to prioritize regulatory compliance, transparency, and institutional-grade servicing partnerships.^[13]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Frontpage: Statistics”
3. Indemo: “FAQ: Is Indemo a regulated investment firm?”
4. Indemo: “FAQ: What are Notes?”
5. Indemo: “FAQ: What is the minimum and maximum investment amount that can be invested in a single Note?”
6. Indemo: “FAQ: How is my investment income taxed?”
7. Indemo: “FAQ: What happens to my investment if Indemo ceases to operate?”
8. Indemo: “Frontpage: Statistics Figures”
9. Indemo: “FAQ: What fees are applicable?”
10. Indemo: “FAQ: How does the referral program work?”
11. Indemo: “Our Team”
12. Indemo: “Financial Reports”
13. P2PMarketData: "Sergejs Viskovskis: Indemo Redefines NPL Investing with 1 Debt : 1 Note”

Indemo is a Latvia-based investment platform licensed by the Central Bank of Latvia that provides EU investors with access to real-estate-backed debt investments, primarily in Spain. The platform offers investments in mortgage loans and discounted debt and is open to EU citizens, EU residents, and legal entities, while U.S. residents are not permitted to invest. UK citizens living in an EU country can also register. Since its inception in May 2023, Indemo has accumulated a total funded volume of €22.5 million. Over the last 12 months, the platform facilitated €16.23 million in investments, averaging €1.35 million per month.^[1] Indemo states that investors have achieved an average annual return of 22.4% and that the platform has more than 17,000 registered investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with terms of up to 24 months.
• Indemo states to have achieved 22.4% average annual return and targets 15.1%.
• The platform does not provide any detailed statistics on delayed repayments or defaults.

Indemo provides EU investors with access to Spanish real-estate-backed debt through regulated investment notes. The platform operates as an EU-regulated investment firm authorized by the Central Bank of Latvia and is compliant with MiFID II. Investments are structured as property-backed notes that are registered securities with NASDAQ CSD, giving investors exposure to mortgage-secured loans with underlying real estate collateral in Spain.^[3]

Indemo focuses on two core strategies. Mortgage loan investments give investors exposure to interest-bearing loans secured by Spanish real estate, with returns generated from borrower payments. Discounted debt investments involve acquiring non-performing mortgage loans from Spanish banks at a discount, where returns are realized through the enforcement process and eventual sale of the underlying property.^[4] This strategy relies on purchasing assets at a low price-to-value level to create a margin of safety rather than relying on market appreciation.

The minimum investment is €10, making the platform accessible to retail investors. Investments typically have a fixed term and follow a bullet structure, meaning principal and returns are paid at maturity rather than periodically.^[5] Indemo emphasizes enhanced due diligence, with assets reviewed by certified appraisal firms, licensed loan servicers, and its internal investment team before being listed on the platform.

Indemo acts as a tax agent and withholds tax on interest income generated from both discounted debt investments and mortgage loan investments. For individual investors who are tax residents of the EU or EEA, the withholding tax rate is 5%. For individual investors who are tax residents of Latvia or non-EU/EEA countries, the withholding tax rate is 25.5%. Investors remain responsible for complying with local tax reporting and declaration rules in their country of tax residence.^[6]

Investor protection is provided through Latvia’s Investor Compensation Scheme, which covers up to €20,000 per investor if Indemo fails to return financial instruments or cash held on behalf of clients. This protection does not cover investment losses related to the performance of the underlying assets. Indemo does not currently offer a secondary market, so investors should expect to hold investments until maturity, although an auto-invest feature is available to streamline portfolio allocation.^[7]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets its real-estate-backed investments with a target return of up to 15.1% per year, depending on the specific asset and structure. At the same time, the platform states on its front page that investors have achieved an average annual return of 22.4% across investments to date.^[8] This higher figure is primarily driven by discounted debt investments, where assets are acquired at a significant discount to property value and returns are realized through the legal enforcement and sale process rather than through recurring interest payments.

While Indemo highlights these return figures, the platform does not publish detailed statistics on delayed repayments, defaults, or realized losses, making it difficult to independently assess portfolio-level risk or dispersion of returns across investments. Investing on Indemo is free for investors. The platform does not charge fees for account creation, deposits, withdrawals, or holding investments. Indemo earns its revenue by charging fees at the asset or originator level, but it does not publicly disclose the size or structure of these fees.^[9]

Indemo also operates a referral program aimed at growing its investor base. Investors who invite new users via a referral link receive a €25 bonus once the referred investor completes their first investment of at least €50 in a single transaction. The referred investor receives the same €25 bonus. There is no stated limit to the number of referrals an investor can make, and Indemo provides a dashboard to track referral activity and rewards.^[10]

Indemo is led by a management team with experience spanning law, technology, finance, and asset management. Sergejs Viskovskis, CEO, leads the company’s overall strategy and regulatory positioning with previously held legal positions at Mintos. The technology function is headed by Daniels Zirjakovs, CTO, who is responsible for the platform’s technical infrastructure and systems. Financial oversight is handled by Vladimirs Slapakovs, CFO, overseeing financial management and reporting. Asset and risk oversight is led by Co-founder and CRO Pavels Pochtarenko, with responsibility for risk management and real-estate-backed investment structuring.^[11]

Indemo SIA is a Latvia-registered limited liability company headquartered in Riga and licensed by the Bank of Latvia to provide investment and ancillary services under MiFID II. The platform operates through a group structure that includes a wholly owned subsidiary, Indemo SPV Issuer No1 SIA, which is used to issue notes backed by underlying credit claims.

As of 31 December 2024, Indemo SIA had a diversified shareholder base. The largest shareholder is Ilja Hagins, holding 24.74% of the company’s share capital. Other significant shareholders include Andrzej Pawlow (8.22%) and AS Aquarium Investments IPS (7.24%). Members of the management team also hold meaningful equity stakes, with individual ownership levels typically around 6–6.2%, while CEO Sergejs Viskovskis holds 5.78%. No single shareholder controls a majority of the company.

2024 was the first full year of platform operations. During the year, Indemo focused on scaling its client base, expanding its discounted debt product offering, and investing heavily in technology, compliance, and customer acquisition. The company generated commission income of €386,000 in 2024, up from €58,644 in 2023, reflecting rapid growth in platform activity. However, these expansion efforts resulted in a net loss of €682,000 for the year, compared with a loss of €333,000 in 2023.

To support growth and maintain regulatory capital adequacy, Indemo raised €756,000 in new equity during 2024 and continued capital raising into early 2025. As of year-end 2024, the group reported total equity of approximately €374,000 and cash and cash equivalents of around €424,000. The company’s financial statements were audited by Crowe DNW SIA, which issued an unqualified opinion and confirmed that the financial statements present a true and fair view in accordance with IFRS as adopted by the EU.

From an operational perspective, Indemo currently focuses primarily on discounted debt investments backed by Spanish non-performing mortgage loans, serviced by a professional loan servicing company supervised by the Central Bank of Spain. Management states that several recoveries completed in 2024 resulted in investor returns exceeding the 15.1% annual target stipulated in product terms. The company is authorised to provide services in 29 EU/EEA countries under passporting rules and plans to expand its product range in 2025 to include additional real-estate-backed investment products.^[12]

In a written interview published in November 2025, CEO Sergejs Viskovskis emphasized that Indemo’s strategy is deliberately focused on discounted debt rather than traditional interest-bearing lending. According to management, returns are primarily driven by acquiring mortgage-backed claims at significant discounts and executing recoveries within Spain’s established legal framework, rather than relying on borrower cash flows or property price appreciation. Viskovskis also highlighted that Indemo intentionally limits deal volume to maintain underwriting discipline and prefers fewer, larger recoveries over continuous deal flow. Looking ahead, management indicated plans to expand the platform’s product offering beyond discounted debt, including additional real-estate-backed structures, while continuing to prioritize regulatory compliance, transparency, and institutional-grade servicing partnerships.^[13]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Frontpage: Statistics”
3. Indemo: “FAQ: Is Indemo a regulated investment firm?”
4. Indemo: “FAQ: What are Notes?”
5. Indemo: “FAQ: What is the minimum and maximum investment amount that can be invested in a single Note?”
6. Indemo: “FAQ: How is my investment income taxed?”
7. Indemo: “FAQ: What happens to my investment if Indemo ceases to operate?”
8. Indemo: “Frontpage: Statistics Figures”
9. Indemo: “FAQ: What fees are applicable?”
10. Indemo: “FAQ: How does the referral program work?”
11. Indemo: “Our Team”
12. Indemo: “Financial Reports”
13. P2PMarketData: "Sergejs Viskovskis: Indemo Redefines NPL Investing with 1 Debt : 1 Note”

Indemo is a Latvia-based investment platform licensed by the Central Bank of Latvia that provides EU investors with access to real-estate-backed debt investments, primarily in Spain. The platform offers investments in mortgage loans and discounted debt and is open to EU citizens, EU residents, and legal entities, while U.S. residents are not permitted to invest. UK citizens living in an EU country can also register. Since its inception in May 2023, Indemo has accumulated a total funded volume of €22.5 million. Over the last 12 months, the platform facilitated €16.23 million in investments, averaging €1.35 million per month.^[1] Indemo states that investors have achieved an average annual return of 22.4% and that the platform has more than 17,000 registered investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with terms of up to 24 months.
• Indemo states to have achieved 22.4% average annual return and targets 15.1%.
• The platform does not provide any detailed statistics on delayed repayments or defaults.

Indemo provides EU investors with access to Spanish real-estate-backed debt through regulated investment notes. The platform operates as an EU-regulated investment firm authorized by the Central Bank of Latvia and is compliant with MiFID II. Investments are structured as property-backed notes that are registered securities with NASDAQ CSD, giving investors exposure to mortgage-secured loans with underlying real estate collateral in Spain.^[3]

Indemo focuses on two core strategies. Mortgage loan investments give investors exposure to interest-bearing loans secured by Spanish real estate, with returns generated from borrower payments. Discounted debt investments involve acquiring non-performing mortgage loans from Spanish banks at a discount, where returns are realized through the enforcement process and eventual sale of the underlying property.^[4] This strategy relies on purchasing assets at a low price-to-value level to create a margin of safety rather than relying on market appreciation.

The minimum investment is €10, making the platform accessible to retail investors. Investments typically have a fixed term and follow a bullet structure, meaning principal and returns are paid at maturity rather than periodically.^[5] Indemo emphasizes enhanced due diligence, with assets reviewed by certified appraisal firms, licensed loan servicers, and its internal investment team before being listed on the platform.

Indemo acts as a tax agent and withholds tax on interest income generated from both discounted debt investments and mortgage loan investments. For individual investors who are tax residents of the EU or EEA, the withholding tax rate is 5%. For individual investors who are tax residents of Latvia or non-EU/EEA countries, the withholding tax rate is 25.5%. Investors remain responsible for complying with local tax reporting and declaration rules in their country of tax residence.^[6]

Investor protection is provided through Latvia’s Investor Compensation Scheme, which covers up to €20,000 per investor if Indemo fails to return financial instruments or cash held on behalf of clients. This protection does not cover investment losses related to the performance of the underlying assets. Indemo does not currently offer a secondary market, so investors should expect to hold investments until maturity, although an auto-invest feature is available to streamline portfolio allocation.^[7]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets its real-estate-backed investments with a target return of up to 15.1% per year, depending on the specific asset and structure. At the same time, the platform states on its front page that investors have achieved an average annual return of 22.4% across investments to date.^[8] This higher figure is primarily driven by discounted debt investments, where assets are acquired at a significant discount to property value and returns are realized through the legal enforcement and sale process rather than through recurring interest payments.

While Indemo highlights these return figures, the platform does not publish detailed statistics on delayed repayments, defaults, or realized losses, making it difficult to independently assess portfolio-level risk or dispersion of returns across investments. Investing on Indemo is free for investors. The platform does not charge fees for account creation, deposits, withdrawals, or holding investments. Indemo earns its revenue by charging fees at the asset or originator level, but it does not publicly disclose the size or structure of these fees.^[9]

Indemo also operates a referral program aimed at growing its investor base. Investors who invite new users via a referral link receive a €25 bonus once the referred investor completes their first investment of at least €50 in a single transaction. The referred investor receives the same €25 bonus. There is no stated limit to the number of referrals an investor can make, and Indemo provides a dashboard to track referral activity and rewards.^[10]

Indemo is led by a management team with experience spanning law, technology, finance, and asset management. Sergejs Viskovskis, CEO, leads the company’s overall strategy and regulatory positioning with previously held legal positions at Mintos. The technology function is headed by Daniels Zirjakovs, CTO, who is responsible for the platform’s technical infrastructure and systems. Financial oversight is handled by Vladimirs Slapakovs, CFO, overseeing financial management and reporting. Asset and risk oversight is led by Co-founder and CRO Pavels Pochtarenko, with responsibility for risk management and real-estate-backed investment structuring.^[11]

Indemo SIA is a Latvia-registered limited liability company headquartered in Riga and licensed by the Bank of Latvia to provide investment and ancillary services under MiFID II. The platform operates through a group structure that includes a wholly owned subsidiary, Indemo SPV Issuer No1 SIA, which is used to issue notes backed by underlying credit claims.

As of 31 December 2024, Indemo SIA had a diversified shareholder base. The largest shareholder is Ilja Hagins, holding 24.74% of the company’s share capital. Other significant shareholders include Andrzej Pawlow (8.22%) and AS Aquarium Investments IPS (7.24%). Members of the management team also hold meaningful equity stakes, with individual ownership levels typically around 6–6.2%, while CEO Sergejs Viskovskis holds 5.78%. No single shareholder controls a majority of the company.

2024 was the first full year of platform operations. During the year, Indemo focused on scaling its client base, expanding its discounted debt product offering, and investing heavily in technology, compliance, and customer acquisition. The company generated commission income of €386,000 in 2024, up from €58,644 in 2023, reflecting rapid growth in platform activity. However, these expansion efforts resulted in a net loss of €682,000 for the year, compared with a loss of €333,000 in 2023.

To support growth and maintain regulatory capital adequacy, Indemo raised €756,000 in new equity during 2024 and continued capital raising into early 2025. As of year-end 2024, the group reported total equity of approximately €374,000 and cash and cash equivalents of around €424,000. The company’s financial statements were audited by Crowe DNW SIA, which issued an unqualified opinion and confirmed that the financial statements present a true and fair view in accordance with IFRS as adopted by the EU.

From an operational perspective, Indemo currently focuses primarily on discounted debt investments backed by Spanish non-performing mortgage loans, serviced by a professional loan servicing company supervised by the Central Bank of Spain. Management states that several recoveries completed in 2024 resulted in investor returns exceeding the 15.1% annual target stipulated in product terms. The company is authorised to provide services in 29 EU/EEA countries under passporting rules and plans to expand its product range in 2025 to include additional real-estate-backed investment products.^[12]

In a written interview published in November 2025, CEO Sergejs Viskovskis emphasized that Indemo’s strategy is deliberately focused on discounted debt rather than traditional interest-bearing lending. According to management, returns are primarily driven by acquiring mortgage-backed claims at significant discounts and executing recoveries within Spain’s established legal framework, rather than relying on borrower cash flows or property price appreciation. Viskovskis also highlighted that Indemo intentionally limits deal volume to maintain underwriting discipline and prefers fewer, larger recoveries over continuous deal flow. Looking ahead, management indicated plans to expand the platform’s product offering beyond discounted debt, including additional real-estate-backed structures, while continuing to prioritize regulatory compliance, transparency, and institutional-grade servicing partnerships.^[13]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Frontpage: Statistics”
3. Indemo: “FAQ: Is Indemo a regulated investment firm?”
4. Indemo: “FAQ: What are Notes?”
5. Indemo: “FAQ: What is the minimum and maximum investment amount that can be invested in a single Note?”
6. Indemo: “FAQ: How is my investment income taxed?”
7. Indemo: “FAQ: What happens to my investment if Indemo ceases to operate?”
8. Indemo: “Frontpage: Statistics Figures”
9. Indemo: “FAQ: What fees are applicable?”
10. Indemo: “FAQ: How does the referral program work?”
11. Indemo: “Our Team”
12. Indemo: “Financial Reports”
13. P2PMarketData: "Sergejs Viskovskis: Indemo Redefines NPL Investing with 1 Debt : 1 Note”

Indemo is a Latvia-based investment platform licensed by the Central Bank of Latvia that provides EU investors with access to real-estate-backed debt investments, primarily in Spain. The platform offers investments in mortgage loans and discounted debt and is open to EU citizens, EU residents, and legal entities, while U.S. residents are not permitted to invest. UK citizens living in an EU country can also register. Since its inception in May 2023, Indemo has accumulated a total funded volume of €22.5 million. Over the last 12 months, the platform facilitated €16.23 million in investments, averaging €1.35 million per month.^[1] Indemo states that investors have achieved an average annual return of 22.4% and that the platform has more than 17,000 registered investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with terms of up to 24 months.
• Indemo states to have achieved 22.4% average annual return and targets 15.1%.
• The platform does not provide any detailed statistics on delayed repayments or defaults.

Indemo provides EU investors with access to Spanish real-estate-backed debt through regulated investment notes. The platform operates as an EU-regulated investment firm authorized by the Central Bank of Latvia and is compliant with MiFID II. Investments are structured as property-backed notes that are registered securities with NASDAQ CSD, giving investors exposure to mortgage-secured loans with underlying real estate collateral in Spain.^[3]

Indemo focuses on two core strategies. Mortgage loan investments give investors exposure to interest-bearing loans secured by Spanish real estate, with returns generated from borrower payments. Discounted debt investments involve acquiring non-performing mortgage loans from Spanish banks at a discount, where returns are realized through the enforcement process and eventual sale of the underlying property.^[4] This strategy relies on purchasing assets at a low price-to-value level to create a margin of safety rather than relying on market appreciation.

The minimum investment is €10, making the platform accessible to retail investors. Investments typically have a fixed term and follow a bullet structure, meaning principal and returns are paid at maturity rather than periodically.^[5] Indemo emphasizes enhanced due diligence, with assets reviewed by certified appraisal firms, licensed loan servicers, and its internal investment team before being listed on the platform.

Indemo acts as a tax agent and withholds tax on interest income generated from both discounted debt investments and mortgage loan investments. For individual investors who are tax residents of the EU or EEA, the withholding tax rate is 5%. For individual investors who are tax residents of Latvia or non-EU/EEA countries, the withholding tax rate is 25.5%. Investors remain responsible for complying with local tax reporting and declaration rules in their country of tax residence.^[6]

Investor protection is provided through Latvia’s Investor Compensation Scheme, which covers up to €20,000 per investor if Indemo fails to return financial instruments or cash held on behalf of clients. This protection does not cover investment losses related to the performance of the underlying assets. Indemo does not currently offer a secondary market, so investors should expect to hold investments until maturity, although an auto-invest feature is available to streamline portfolio allocation.^[7]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets its real-estate-backed investments with a target return of up to 15.1% per year, depending on the specific asset and structure. At the same time, the platform states on its front page that investors have achieved an average annual return of 22.4% across investments to date.^[8] This higher figure is primarily driven by discounted debt investments, where assets are acquired at a significant discount to property value and returns are realized through the legal enforcement and sale process rather than through recurring interest payments.

While Indemo highlights these return figures, the platform does not publish detailed statistics on delayed repayments, defaults, or realized losses, making it difficult to independently assess portfolio-level risk or dispersion of returns across investments. Investing on Indemo is free for investors. The platform does not charge fees for account creation, deposits, withdrawals, or holding investments. Indemo earns its revenue by charging fees at the asset or originator level, but it does not publicly disclose the size or structure of these fees.^[9]

Indemo also operates a referral program aimed at growing its investor base. Investors who invite new users via a referral link receive a €25 bonus once the referred investor completes their first investment of at least €50 in a single transaction. The referred investor receives the same €25 bonus. There is no stated limit to the number of referrals an investor can make, and Indemo provides a dashboard to track referral activity and rewards.^[10]

Indemo is led by a management team with experience spanning law, technology, finance, and asset management. Sergejs Viskovskis, CEO, leads the company’s overall strategy and regulatory positioning with previously held legal positions at Mintos. The technology function is headed by Daniels Zirjakovs, CTO, who is responsible for the platform’s technical infrastructure and systems. Financial oversight is handled by Vladimirs Slapakovs, CFO, overseeing financial management and reporting. Asset and risk oversight is led by Co-founder and CRO Pavels Pochtarenko, with responsibility for risk management and real-estate-backed investment structuring.^[11]

Indemo SIA is a Latvia-registered limited liability company headquartered in Riga and licensed by the Bank of Latvia to provide investment and ancillary services under MiFID II. The platform operates through a group structure that includes a wholly owned subsidiary, Indemo SPV Issuer No1 SIA, which is used to issue notes backed by underlying credit claims.

As of 31 December 2024, Indemo SIA had a diversified shareholder base. The largest shareholder is Ilja Hagins, holding 24.74% of the company’s share capital. Other significant shareholders include Andrzej Pawlow (8.22%) and AS Aquarium Investments IPS (7.24%). Members of the management team also hold meaningful equity stakes, with individual ownership levels typically around 6–6.2%, while CEO Sergejs Viskovskis holds 5.78%. No single shareholder controls a majority of the company.

2024 was the first full year of platform operations. During the year, Indemo focused on scaling its client base, expanding its discounted debt product offering, and investing heavily in technology, compliance, and customer acquisition. The company generated commission income of €386,000 in 2024, up from €58,644 in 2023, reflecting rapid growth in platform activity. However, these expansion efforts resulted in a net loss of €682,000 for the year, compared with a loss of €333,000 in 2023.

To support growth and maintain regulatory capital adequacy, Indemo raised €756,000 in new equity during 2024 and continued capital raising into early 2025. As of year-end 2024, the group reported total equity of approximately €374,000 and cash and cash equivalents of around €424,000. The company’s financial statements were audited by Crowe DNW SIA, which issued an unqualified opinion and confirmed that the financial statements present a true and fair view in accordance with IFRS as adopted by the EU.

From an operational perspective, Indemo currently focuses primarily on discounted debt investments backed by Spanish non-performing mortgage loans, serviced by a professional loan servicing company supervised by the Central Bank of Spain. Management states that several recoveries completed in 2024 resulted in investor returns exceeding the 15.1% annual target stipulated in product terms. The company is authorised to provide services in 29 EU/EEA countries under passporting rules and plans to expand its product range in 2025 to include additional real-estate-backed investment products.^[12]

In a written interview published in November 2025, CEO Sergejs Viskovskis emphasized that Indemo’s strategy is deliberately focused on discounted debt rather than traditional interest-bearing lending. According to management, returns are primarily driven by acquiring mortgage-backed claims at significant discounts and executing recoveries within Spain’s established legal framework, rather than relying on borrower cash flows or property price appreciation. Viskovskis also highlighted that Indemo intentionally limits deal volume to maintain underwriting discipline and prefers fewer, larger recoveries over continuous deal flow. Looking ahead, management indicated plans to expand the platform’s product offering beyond discounted debt, including additional real-estate-backed structures, while continuing to prioritize regulatory compliance, transparency, and institutional-grade servicing partnerships.^[13]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Frontpage: Statistics”
3. Indemo: “FAQ: Is Indemo a regulated investment firm?”
4. Indemo: “FAQ: What are Notes?”
5. Indemo: “FAQ: What is the minimum and maximum investment amount that can be invested in a single Note?”
6. Indemo: “FAQ: How is my investment income taxed?”
7. Indemo: “FAQ: What happens to my investment if Indemo ceases to operate?”
8. Indemo: “Frontpage: Statistics Figures”
9. Indemo: “FAQ: What fees are applicable?”
10. Indemo: “FAQ: How does the referral program work?”
11. Indemo: “Our Team”
12. Indemo: “Financial Reports”
13. P2PMarketData: "Sergejs Viskovskis: Indemo Redefines NPL Investing with 1 Debt : 1 Note”