Sergejs Viskovskis: How Indemo balances mortgage stability with discounted debt

In this interview, we speak with Sergejs Viskovskis, CEO and Co-Founder of Indemo, to explore how the platform combines the security of mortgage-backed loans with the profit potential of discounted debt investments. Discover the inspiration behind Indemo's investment approach, the unique opportunities it offers to investors, the returns they can expect, and the goals Indemo has set for Indemo’s growth in the European market.

Can you briefly describe Indemo?

Indemo is a platform that empowers everyday people to invest in products usually reserved for institutional investors. Mortgage-backed loans are a great way to diversify portfolios and generate stable returns. Through our dashboard, we’ve made it quick and easy for investors to browse and invest in hand-picked mortgage loans that are all backed by Spanish residential real estate.

What inspired you and your co-founders to start this company?

The founding Indemo team have all worked in finance for many years. Through this time, we noticed that some of the most stable and consistent returns were being generated by products that simply weren’t accessible to retail investors. We decided to transform the investment landscape by providing a slick, intuitive platform that would allow ordinary people to invest in mortgage loans and discounted debts - two exciting products which have been kept behind closed doors for far too long.

How do you find potential investments?

We’ve partnered with a trusted professional service company Tamarindo Vector S.L., who uses its expertise in the Spanish real estate debt market to source and purchase mortgage NPLs (non-performing loans) from local banks and funds. They provide us with a directory of real-estate debts of which our investors can purchase “notes” in.

Tamarindo has operated on the debt market of Spain for almost 15 years. They have extensive knowledge in Discounted Debt Investments, and source loans exclusively backed by Spanish residential real estate. Prior to the debt being listed on Indemo, a thorough legal and market due diligence procedure is performed, to pick investment opportunities with the best recovery and return prospects.

All of these investment opportunities can be found in our easy to navigate dashboard on Indemo, along with all the information people need to make informed investment decisions.

Who is on your team and how do you complement each other?

The Indemo team is made up of passionate people with a wealth of experience in finance, banking, asset management, technology, and lending. A quick introduction to the Indemo Board Members; our CTO Daniel Zhiryakov has spent over 25 years in leadership positions across banks and financial institutions, helping him make key decisions in the business.

CFO Vladimirs Slapakovs draws from his experience leading teams in top banks in Latvia, giving him a powerful insight into financial analytics and data. Indemo co-founder and CRO Pavel Poctarenko has over a decade of management experience in asset management, helping us make the right choices in the investments we offer on Indemo, and how our community interfaces with them.

Other Indemo team members gained experience in the leading banks, fin-techs and online marketplaces in the region and beyond. Most of the team has worked together for decades before joining Indemo, allowing us to build on our existing relationships to ensure an efficient, decisive, and creative working environment.

How are you regulated and what does that mean to your investors?

When starting up an investment platform, I would argue that the single most important factor in its success is regulation, security, and safety. If our investors aren’t confident that they are protected, they simply won’t feel comfortable using the platform.

From the very beginning, we’ve ensured that Indemo meets the gold standard for regulation and security. Our “investor first” outlook means we’ve invested plenty of time and resources in guaranteeing compliance. Indemo is fully licensed and regulated to render investment services across the EU - meeting every law and regulation as standard.

The minimum statutory capital of approximately €200,000 is always held in cash by Indemo to ensure sound operations. Investors are also covered by the National Investor Compensation Scheme, meaning cash and securities up to €20,000 are protected under the EU Investor Compensation Scheme.

Additionally, we have a robust suitability and appropriateness questionnaire that all investors must take prior to investing. Their answers will determine what access they have to our products, helping mitigate risk.

Last but not least, is that all Indemo board members, key officers and UBOs and biggest shareholders have undergone extensive background and fit & proper checks by the Central Bank of Latvia.

What are the types of investments available on Indemo?

We currently offer Discounted Debt Investments, with the highly anticipated Mortgage Loan Investments product launching by the end of Q1, 2025. Both are secured by Spanish residential real estate, making them much more secure than many other traditional retail investment options. Both are also being offered to retail investors for the very first time.

The flagship investment product on Indemo is Discounted Debt Investments (DDI’s). These are based on loans that have failed to be repaid. These loans go on the market at a massive discount on the value of the collateral - often between 30-50%.

Our investors then purchase notes attached to these heavily discounted loans, and earn returns once the real estate has been sold, or once recovery repayments commence.

The second product is Mortgage Loans. Mortgage Loans provide the opportunity to make a more traditional passive investment in real estate - purchasing notes and earning returns on the interest of repayments monthly.

The returns offered by both of these investment products are stable and predictable- especially when compared to the high volatility of other investment products available on the market.

What are the potential earnings for an investor on Indemo?

Investments on Indemo can start from as little as €10. Whilst all investments come with risk, the products on Indemo are anchored by the traditionally stable Spanish real estate market, making them generally more appealing for people looking for more steady returns.

Expected returns on DDI’s for example are around 15% per annum. The predictability of these returns is closely linked to the standard legal process that is used to recover them. This legal process has to be seen through to the end, with either two outcomes; a settlement being reached, or the property being sold at auction or after it. Both outcomes provide returns for investors.

For the upcoming Mortgage Loans product, expected returns are around 9% p.a., with Loan-To-Value (LTVs), ranging from 30% - 40% and monthly interest payment to your account.

What are the key milestones or goals you aim to achieve this year?

2024 was a fantastic year for Indemo, with plenty of growth and many milestones hit. Our total number of investors grew by 800%, collectively investing over €7.7M, with repayments of over €1M.

This year we aim to continue this upwards trend, growing both our user base, and our portfolio size by 4x. We have several highly anticipated features and launches on the horizon, including the launch of Mortgage Loan Investments, the launch of the Indemo app for iOS and Android, and the introduction of secondary market trading. We’ll also be shifting to a more flexible investment structure for users, allowing them to invest in individual debts rather than a basket.

We’re all very excited for 2025, and we know it’ll be the biggest year yet for Indemo for the team, the platform, and most importantly, our amazing community of investors!