Indemo Update October 2026: Almost €7,000 Invested, Up to 4.5% Cashback & the Secondary Market Is Coming

Today it's time again for an update on my investment on Indemo. I now have almost €7,000 invested there – and there is some current news plus an exciting cashback promotion that we will go through today as well. Above all, the feature I have been waiting for is finally coming: the secondary market.

As always, the most important thing first: this is not investment advice and not a buy recommendation, just my personal opinion and my personal investments. I am responsible for my money, you are responsible for yours. Investments in the P2P space are high-risk – only invest money whose total loss you could handle, and make your own decisions. The Indemo link is a referral link: if you use it, I receive a small commission, and it does not cost you anything extra.

Cashback in October: up to 4% – up to 4.5% for new customers

Let's start with the current cashback campaign. In October you can claim up to 4% cashback – only until 31 October 2026 – and as a new customer actually even up to 4.5%. More on why in a moment.

The promotion is tiered and applies to everyone – existing customers and new customers:

• €300 to €999 invested → 2% cashback
• €1,000 to €2,999 invested → 3% cashback
• from €3,000 invested → 4% cashback

A few details, as Indemo describes them (as of 5 October 2026):

• What counts is the total of your investments in October, not the single investment. If you cross a threshold during the month, the higher rate applies retroactively to the full amount. Indemo's example: €300 first, another €700 later – then you get 3% on the full €1,000.
• Below €300 in total there is no cashback. In September the tiers still started at €10.
• It is instant cashback: it is credited to your account automatically right away, you don't have to apply for anything.
• You can reinvest the cashback straight away. In the video I say at this point that you could also simply withdraw it to your bank account – strictly speaking, according to Indemo that is not possible directly: the money only becomes freely available once the notes you invested it in are repaid.
• The promotion runs until 31 October 2026, 23:59 (CET).

0.5% extra through my link

New customers get another 0.5% cashback on top through my Indemo link*. So as a new customer you can claim up to 4.5% cashback, as an existing customer up to 4%.

The extra 0.5% is my partner condition for new customers – the Indemo website only shows the general tiers of up to 4%. It's best to check the current terms directly with Indemo before you start; conditions can change.

For transparency: this is a referral link. If you sign up through it, I receive a small commission. It does not cost you anything extra – quite the opposite: you get the additional cashback you would not receive otherwise, and you support me and my channel.

My Indemo portfolio: €6,895.95 invested

Now to my own investment. The dashboard shows it right in the left-hand margin: I have invested €6,895.95 here myself. But if we go into the portfolio and look at all the assets, we see that the value is now considerably higher (recorded on 5 October 2026):

• Invested: €6,895.95
• Indicative value: €7,533.07
• Indicative reprice: +9.24% – that is €637.12 of indicative gain
• Spread across: 83 assets (72 notes)

The reason is that Indemo revalues the projects we have invested in from time to time – depending on whether prices have risen or been lowered. The "Indicative Reprice" shows what has happened: for every single asset, and at the top as an average across the whole portfolio.

Very important for context: the €7,533.07 is an indicative value, not a realised gain. Indemo writes it itself right below the figures: indicative values are provided for information only and are not guaranteed; the final recovery proceeds, the repayment timing and the returns may differ – upwards as well as downwards. What really comes out in the end I will only know once an asset has been sold.

Compared with my Indemo update from September:

I haven't added any money since September – the invested amount is unchanged at €6,895.95. The indicative value has still risen by €31.85. The September promotion with up to 5% has ended; in October every tier is one percentage point lower.

Four sold assets: 18.41% actual return

What has really come back on Indemo so far? I have been invested in four projects that have already been sold:

• R099 (Barcelona): €10.98 invested → 39.49%
• R131 (Terrassa): €22.31 invested → 16.30%
• R159 (Tarragona): €38.46 invested → 15.22%
• R179 (Barcelona): €38.46 invested → 17.05%

Unfortunately I wasn't in with any huge sum, just small amounts between around €11 and €38. But my actual return on these projects is even 18.41% – made up of a 16.62% return and 1.79% cashback that I received on them on average. In euros that is €12.32 of profit in total.

That is four assets out of 83 – a first impression, but no guarantee that the rest will go the same way.

What does Indemo actually do?

Briefly, for everyone who doesn't know what Indemo actually does. On Indemo you invest in so-called "Discounted Debt Investments". That sounds super complicated at first, but it is actually fairly simple: we invest in defaulted real-estate loans from Spain.

That means: when a loan defaults and there is a property behind it as collateral, banks often have no interest in dealing with it themselves any more. These loans are then bought at a substantial discount – together with the collateral behind them. After that the collateral is recovered, for example by selling the property. And because the loan was bought so cheaply, a decent profit can come out of it.

A bit more precisely than I put it in the video: you buy notes – securities each linked to one single loan with one property, so these are not packages. According to Indemo, the loans are bought by a local partner, the so-called "Foreclosure Agent"; the notes are issued by a special-purpose entity of the Indemo group.

Important to know: there is no ongoing interest. You only get everything back at the end – your capital plus the profit from the sale.

The market: PTV and all the information on the property

For every project, the market shows you the key figures right away:

The PTV is particularly interesting (in the video I say "LTV" and "P2V" – on Indemo the figure is called PTV, "price-to-value"). It shows the price at which the debt was bought in relation to the value of the property. When I recorded, it was at 61.10%, 54.00% and 28.80%, for example. The lower the figure, the larger the discount. The expected return shown on all offers was 15.10% – that is an expected value, not a promise.

And you always find all the information on the properties. In the video I opened one project, C007: Apartment in Madrid:

• Volume: €123,000 – of which 68.41% was already funded, with €38,853.26 still open
• Expected return: 15.10%
• PTV: 68.20%
• Property: a 53 sqm apartment in the greater Madrid area, valued at around €180,221 according to the appraisal

Under "Objects" you find the property with photos and the full description, under "Map" a map showing where it is. So in theory you could even travel there and look at the projects. On top of that there are the documents as PDFs – take the time and read them before you invest.

The stages: how far along are my assets?

You can imagine that selling a property like this is a process that can drag on for a long time – simply because of the legal situation, as people are usually still living there. How far the process has got is shown for every asset in the stage bar:

The further to the right the dot is, the further the proceedings have got – and the more likely it is that the property will be sold soon. According to Indemo there are 24 steps in five main stages in total. In my portfolio, for example, something is already at stage 19 (there the creditor is already registered as the new owner in the property registry), and two more assets are at stage 18. But I also have things at stage 8 or stage 5.

Because I am now invested in 83 assets – spread across five pages in my portfolio – I am so broadly diversified that at least one of these properties should now be sold every few weeks at some point. That is my expectation, not a fixed timetable.

The secondary market is coming

And now something really exciting is coming on Indemo. Because one thing has been missing here so far, and that is liquidity. Meaning: we couldn't get at our money any earlier. We were always tied in until the end of the term, received no interest during that time, and only got everything back at the end – plus the profit from the sale.

What is coming now – probably at the end of October or in November – is finally the secondary market. With it we can sell projects early on the secondary market. And it is interesting from the other side too: we as investors can buy there – namely projects that are already much further along than, say, the projects on the primary market.

This really is a feature I have been waiting for a long time, and I think a great many of you have too. It upgrades Indemo as a platform considerably, because exactly this liquidity has been missing so far.

For context: that timing is what I know. Publicly, Indemo has not named a fixed date so far – its blog post of 11 August 2026 gives autumn 2026 as the internal target for the first version, and according to Indemo the concept has been approved by Latvijas Banka. And even with a secondary market: a sale is not guaranteed, there always has to be a buyer.

How safe is Indemo?

What you also have to say about Indemo, of course: they are regulated.

• A licensed investment firm. Indemo SIA, based in Riga, is an investment firm licensed and supervised by Latvijas Banka (the Latvian central bank) – licence number 06.06.08.824/547, valid since 15 November 2022. The notes are registered with Nasdaq CSD.
• Investor compensation – but not for investment losses. Indemo is a member of the national investor compensation scheme: 90% of the net loss, up to a maximum of €20,000. That applies if Indemo as a service provider cannot return money or securities – not if a property is recovered for less than expected.
• No guarantee. Indemo itself writes that neither the return of the principal nor the expected yield is guaranteed. There is no deposit insurance like with a savings account.
• Long lock-in. The proceedings can take years, there is no ongoing interest – and until the secondary market is live you cannot get at your money early.
• Indicative value is not a gain. The revaluation is an estimate based on Indemo's own model, not a sale price.

Just because the platform is regulated does not mean that anything here is guaranteed. And where we have high returns, there are usually high risks too. Please be aware of that.

My plan and verdict

So much for the brief impression of my investment so far – a few more thoughts from me. I really like the platform: it is regulated, they do a good job, they are transparent. I have also done several interviews with Indemo and visited them on site – I will probably do that again, especially once the secondary market has launched.

And there is progress all the time: an app was launched, the new feature that shows the price adjustment arrived, and now the secondary market is coming. Things are definitely moving.

My plan: for regulated platforms I have my upper limit of €10,000 – that is my own limit, not a limit set by Indemo. I will fill it on Indemo too, as soon as the liquidity feature is there, because then it is an even better platform for me. Until then I will leave it at the just under €7,000 I have.

With the secondary market, Indemo is for me personally actually one of the best platforms on the market, and the returns have been right so far as well. Nevertheless, you always have to be aware of the risks – nothing here is guaranteed. You can see how Indemo fits into my overall P2P portfolio in the P2P Portfolio Update October 2026.

If you want to try Indemo yourself, feel free to use my link for the cashback: go to Indemo through my link*.

Now I'm curious: what is your opinion of Indemo, have you tried the platform yet, what experiences have you had so far? Feel free to write it in the comments under the video.

Links marked with * are partner links. If you invest through them, you support my work – at no extra cost to you. Thank you!