After being granted a banking licence from the European Central Bank, INDEXO Bank has officially commenced its banking operations in Latvia, leveraging Mambu, a leading cloud banking provider to build its extensive financial offering ranging from daily banking services to lending.

With the invaluable and challenging opportunity to build their technology stack from the ground up, INDEXO embarked on a mission to find best-of-breed solutions that would enable them to launch an extensive and diverse financial product offering from day one, offering new banking opportunities and more favourable conditions for Latvians. Their goal was to create a bank that not only meets but exceeds the expectations of today’s customers by delivering a truly innovative and seamless experience that sets them 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 to build and deploy financial offerings, at scale.

A little over a year since the beginning of the collaboration, INDEXO Bank was able to officially commence operations with an extensive offering of financial products and daily banking services ranging from current and savings accounts, term deposits, credit cards, instant payments, and more.

Gints Ozolins, CTO at INDEXO says: “With stagnant competition in the financial space and dwindling innovations, our aim was to revive competition in the Latvian financial market. We sought a partner capable of helping us create a truly innovative offering—one that distinguishes us from other players and meets customer expectations of ease of use and cutting-edge products.

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 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've introduced something truly groundbreaking, paving the way for the future of banking in Latvia, and beyond.”