A new banking era for Latvians
As the first bank licensed in Latvia since joining the Eurozone, INDEXO has launched a full-service banking experience in just over a year, powered by Mambu.
- to successfully go to market
INDEXO Bank
About the customer
Founded in 2017 and based in Latvia, INDEXO is a financial services group that includes pension management and INDEXO Bank. As one of the fastest-growing pension managers in the Baltics, with over 137,000 customers and more than €1.21 billion under management, INDEXO is committed to enhancing the financial landscape by providing modern, personalised services. The group is publicly listed on the Nasdaq Riga stock exchange with nearly 6,000 shareholders.
Launched in the second half of 2024 after receiving its banking licence from the European Central Bank, INDEXO Bank is revolutionising the financial landscape in Latvia by offering a comprehensive suite of financial products.
The challenge
Leading the charge in Latvia's new banking era
Facing a stagnant financial market in Latvia, INDEXO sought a cutting-edge, flexible platform to build a robust financial offering.
They needed to launch a bank that could deliver innovation and scale quickly and efficiently, while providing a modern banking experience from day one. The goal was to differentiate themselves by offering superior customer-centric services, meeting the demands of the Latvian tech-savvy audience.
“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.”
- Valdis Siksnis, Chairman of the Management Board and founder of INDEXO Bank
The solution
Driving agility through composable cloud banking
INDEXO chose Mambu’s composable cloud banking platform, underpinned by Microsoft Azure and integrated by Fintecor, allowing them to build and deploy a wide range of products and services, including current and savings accounts, credit cards, SEPA payments, and instant transfers. This partnership offered INDEXO the flexibility, scalability, and agility to innovate and expand quickly.
“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.”
- Gints Ozoliņš, CTO at INDEXO Bank
The result
Driving immediate impact
In just over a year of collaboration, INDEXO officially launched, providing Latvians with a comprehensive suite of financial services. In fact, the new bank attracted over 10,000 customers in its first month of operations alone. With its focus on customer centricity, the goal of INDEXO Bank is to foster competition in the stagnant Latvian banking market.
Leveraging Mambu’s capabilities, the bank brought competitive products to market, enhancing customer experiences while future-proofing their offerings for long-term growth and expansion.
The success of the project reinvigorated competition in Latvia’s financial sector, positioning INDEXO as a key player in the market.
“Mambu’s composable platform empowered us to create an innovative bank that truly distinguishes itself, exceeding customer expectations with ease of use and modern banking products.”
- Gints Ozoliņš, CTO at INDEXO Bank
Ready to innovate like INDEXO?
Discover how Mambu’s composable cloud banking platform can help you bring your vision to life, scale effortlessly, and future-proof your offerings. With the flexibility to build and deploy financial products at speed, Mambu equips you to stand out in today’s competitive market.
