A new banking era for Latvians—powered by Mambu
As the first bank licensed in Latvia since joining the Eurozone, INDEXO has launched a full-service banking experience in just over a year.
- 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 companies and INDEXO Bank.
As one of the fastest-growing financial service groups in Latvia, INDEXO is committed to enhancing the financial landscape by providing modern and personalised services.
The group is publicly listed on the Nasdaq Riga stock exchange and is owned by several thousand local shareholders.
The challenge
A digital bank to reshape Latvia's financial landscape
Latvia’s banking market has long been dominated by four large foreign banks, whose outdated and often impersonal services no longer meet the expectations of today’s customers. Faced with a stagnant and uncompetitive environment, INDEXO set out to create a modern digital bank—built in Latvia, for the people of Latvia.
To do this, they needed a cutting-edge and flexible technology platform that could support rapid innovation, scale efficiently, and deliver an exceptional banking experience from day one. The mission was clear: to offer convenient, transparent, and fair financial services that empower individuals and contribute to the country’s long-term economic growth.
“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 Co-founder of INDEXO Bank
The solution
A composable core and modern payments infrastructure
INDEXO chose Mambu’s composable cloud banking platform, underpinned by Microsoft Azure and integrated by Fintecor.
This enabled them to build and deploy a wide range of products and services—including current and savings accounts, credit cards, SEPA payments, and instant transfers—quickly and efficiently.
This partnership offered INDEXO the flexibility, scalability, and agility needed to innovate and grow in a highly competitive market.
In the spring of 2025, INDEXO expanded their setup with Mambu Payments, further strengthening their payment infrastructure and preparing for the EPC 2025 rulebook update for SEPA Instant Credit Transfers.
The migration to Mambu Payments is scheduled for late 2025 and will ensure seamless integration with Mambu’s deposit engine and payments hub. Key drivers for the expansion included:
- Scalable infrastructure for supporting instant payments and increasing transaction volumes.
- Out-of-the-box compliance with the Instant Payments Regulation (IPR).
- Readiness for new payment schemes such as TARGET2.
- Improved transaction reconciliation and 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 was crucial to the success of our endeavour.”
- Gints Ozoliņš, CTO at INDEXO Bank
The result
Driving immediate and sustainable impact
In just over a year of collaboration, INDEXO officially launched, providing Latvians with a full suite of financial services. The bank quickly attracted a strong customer base and has since continued to grow steadily, with both the number of active clients and volume of deposits increasing significantly. Their consumer lending portfolio is expanding rapidly, reflecting strong market demand.
With a focus on customer-centric services and increasing competition in Latvia’s traditionally stagnant banking market, INDEXO Bank is committed to reshaping the industry.
By leveraging Mambu’s flexible core banking platform, INDEXO was able to quickly bring competitive products to market and deliver a seamless digital experience.
The strategic decision to implement Mambu Payments further strengthens the bank’s infrastructure — boosting reliability, scalability, and ensuring long-term compliance as they continue to grow.
“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
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