INDEXO launches banking operations in Latvia with Mambu technology

By Gloria Methri

After being granted a banking licence from the European Central Bank, INDEXO Bank has officially commenced its banking operations in Latvia, leveraging Mambu to build its financial offering, which includes daily banking services and lending.

INDEXO is on a mission to launch extensive and diverse financial products, offering new banking opportunities and more favourable conditions for Latvians. The bank’s goal was to create a bank that not only meets but exceeds the expectations of today’s customers by delivering an innovative and seamless experience that sets it apart.

Leveraging Mambu’s core banking platform, underpinned by Microsoft Azure and integrated by Fintecor, INDEXO Bank now has a robust, composable, cloud-native foundation for building and deploying financial offerings at scale.

A little over a year after the collaboration began, INDEXO Bank officially began operations with an extensive offering of financial products and daily banking services, including current and savings accounts, term deposits, credit cards, instant payments, and more.

Gints Ozolins, CTO at INDEXO, said, “Mambu’s cloud-native platform, product breadth and composable capabilities provided us with the tools to innovate in ways that traditional core banking systems could not, supporting our ambitions today but also helping us future-proof for the upcoming expansion. The expertise of the Mambu teams and their support was crucial to the success of our endeavour, and a little over a year after the beginning of our collaboration, we were able to launch our operations for all Latvians to enjoy.”

Mark Geneste, Chief Revenue Officer at Mambu, said, “Building a bank from the ground up is no easy task, but it’s a challenge we’ve embraced and mastered, helping banks and FinTechs across the globe bring the innovation their customers crave. We are particularly proud to have partnered with INDEXO, the first recipient of a banking licence in Latvia since its accession to the Eurozone, to launch a fresh, innovative offering in a market that has seen limited innovation over the past two decades. Together, we have introduced something truly groundbreaking, paving the way for the future of banking in Latvia and beyond.”