INDEXO partners with Mambu to bring digital banking to Latvia

By Vriti Gothi

INDEXO Bank, has launched a new digital banking platform powered by Mambu’s cloud-native core banking and payments technology. The collaboration is designed to transform Latvia’s traditionally stagnant banking sector by introducing customer-centric, transparent, and innovative financial services.

Founded in 2017 and listed on Nasdaq Riga, INDEXO set out to challenge a market dominated by four large foreign banks whose outdated offerings no longer meet customer expectations. The ambition was clear: to create a modern digital bank built in Latvia, for the people of Latvia—that enhances competition, drives economic growth, and delivers financial services that are fair, accessible, and future-ready.

“Latvia’s economy lags behind our neighbours in terms of growth, and we are still far from developed Western countries. A significant reason for this is the low competition in the Latvian banking market, which has not fostered the development of lending or innovation. We want to change that,” said Valdis Siksnis, Chairman of the Management Board and Co-founder of INDEXO Bank.

INDEXO Bank selected Mambu’s composable cloud banking platform, hosted on Microsoft Azure and integrated by Fintecor, to design and deploy its services. The solution enabled the rapid rollout of a comprehensive banking offering, including current and savings accounts, credit cards, SEPA payments, and instant transfers, all built with agility and scalability at its core.

In spring 2025, INDEXO deepened the partnership by adopting Mambu Payments, ensuring compliance with the forthcoming EPC 2025 rulebook for SEPA Instant Credit Transfers. Scheduled to go live in late 2025, the migration will integrate seamlessly with Mambu’s deposit engine and payments hub. The upgrade equips INDEXO Bank with scalable infrastructure to support instant payments, readiness for TARGET2, built-in compliance with the Instant Payments Regulation, and improved operational efficiency.

“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 upcoming expansion. The expertise of the Mambu teams and their support were crucial to the success of our endeavour,” said Gints Ozoliņš, CTO at INDEXO Bank.