Indemo Update September 2026: up to 5% Cashback & My P2P Portfolio (€7,500) in Detail

Time for an Indemo update. Over the past months the Latvian platform has grown into one of my largest P2P positions: my portfolio value is now around €7,500, I keep adding via a savings plan – and right now the cashback promotion with up to 5% is running, but only until 30 September. In this post I take you transparently through my own account, through the promotion and through the honest weaknesses (namely liquidity).

As always, first the most important note: this is not investment advice and not a buy recommendation, just my personal opinion and experience. Investments like this are high-risk – only invest money whose total loss you could handle. The Indemo link is a partner link: if you use it, you support my work at no extra cost to you.

My Indemo portfolio in numbers

I've been investing with Indemo since 25 July 2025 and have built the account up month by month – usually with around €500 per month. Right now €6,895.95 invested sits against an indicative portfolio value of €7,501.22. That's an indicative value change of +8.78%, spread across 83 assets:

To be fair: €7,501.22 is an indicative value, not a realised gain. Indemo itself notes that these values are for information only and are not guaranteed – the final recovery proceeds and returns can be higher or lower, and the repayment timing can differ. My goal is to grow the balance to €10,000 over the coming months. That, by the way, is my own limit per P2P platform, not a limit set by Indemo.

What exactly is Indemo?

Quickly, for anyone new: through Indemo you invest in asset-backed securities (notes) tied to Spanish real estate. Your capital sits in properties in regions like Barcelona, Tarragona or Terrassa; the return arises when these properties are recovered or sold across several legal phases. On its homepage Indemo shows an average return of around 15.5% p.a. – that's an expected value, not a fixed rate and certainly not a guarantee.

The appeal lies in exactly this mechanic: if recovery goes well, double-digit returns are possible (my real numbers below). The price for that is less flexibility – your money is tied up for a while.

The cashback promotion: up to 5% – only until 30 Sept

The current hook is the "September Cashback for All" promotion. There were several summer months to secure cashback – and September is, according to Indemo, the last month of this big campaign for now. The cashback is tiered by how much you invest during the month:

• €10 – 999 invested → 3% cashback
• €1,000 – 2,999 invested → 4% cashback
• €3,000+ invested → 5% cashback

Two details make the promotion strong: the cashback is credited instantly – invest €500, for example, and you get €15 (3%) right away. And it's retroactive: if you reach a higher tier during the month, the better rate also applies to your earlier investments that month. The minimum investment is €10. Important context: according to Indemo this is the last big cashback campaign for now – rates may be lower from October. So check the current terms directly with Indemo before you start.

0.5% extra through my link

On top of the running promotion, you get an additional 0.5% extra cashback through my referral link*. To be fully transparent: it's a partner link. If you sign up through it, I receive a small commission – but it costs you nothing extra. On the contrary: you get the additional cashback on top and support my channel at the same time.

My returns so far

Numbers say more than promises – so here are my first four assets that have already sold. All performed really well, though I was only in with small amounts here (around €11–38):

• R099 (Barcelona): 39.49% return
• R179 (Barcelona): 17.05%
• R131 (Terrassa): 16.30%
• R159 (Tarragona): 15.22%

Across the whole portfolio Indemo currently shows me an actual return of 18.41% (16.62% + 1.79% cashback) on the investments already completed. Because I'm now very broadly spread across 83 assets, something should be sold more regularly going forward. Here too: past returns are no guarantee of the future.

Liquidity & secondary market – the honest weakness

I have to say this clearly: Indemo isn't the most liquid platform. Your capital is tied up and there's currently no easy early exit – money comes back as assets are recovered. In my case something kept coming in recently, but you shouldn't rely on quick availability.

Indemo has announced a secondary market and says it's working on it – but there's no public launch date yet. For me that means: I deliberately treat Indemo as a longer-term building block and only invest money I won't need for a while.

How safe is Indemo?

Indemo isn't an anonymous newcomer: Indemo SIA, based in Riga, is an investment firm licensed and supervised by the Bank of Latvia (Latvijas Banka), and its instruments are registered with NASDAQ CSD.

Indemo is also a member of the national investor compensation scheme. Very important context: such compensation only applies if the firm itself fails – not for losses on your investment and not if a property is recovered for less than expected. There's no deposit insurance like with a savings account, and you still bear the capital risk.

My plan & verdict

My plan is clear: I keep adding to Indemo via a savings plan with around €500 a month until I reach my self-imposed limit of €10,000 per platform – from just under €7,000 invested today, that's still a way off.

Bottom line, Indemo is going well for me: around +8.78% indicative value growth, my first sales all firmly double-digit, plus the current cashback promotion with up to 5% and 0.5% extra through my link. The flip side remains the limited liquidity and the still-missing secondary market – for me that's fine, because I'm thinking long term here. If you want to try Indemo, grab the cashback while the promotion is still running: go to Indemo through my link*.

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