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A new bank for retail customers

Latvia

INDEXO is a pension management company based in Latvia, and it has been gearing up to launch a new bank project for retail customers. 

Customer base

Launching in 2024

Segment

Retail

Mambu's role

Cloud banking platform

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INDEXO was established in 2017 aiming to establish a better financial environment in Latvia. Its vision is to become a financial services group, offering modern and customised services that empower Latvians to take care of their financial wellbeing.

INDEXO is the fastest growing pension management company in Latvia with more than 100 000 customers and more than EUR 600 million in assets under management.

In parallel with its pension management business, INDEXO is actively working on a new bank project and recently submitted the application for the banking license.

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Mambu will provide INDEXO with key digital financial service technology – current accounts, payments, consumer deposit and lending functionality, as well as allow to develop the future service portfolio as the new bank expands into new product segments.

The Mambu technology was selected after careful consideration among four currently leading banking product solutions and we are sure that this platform will enable us to offer easy-to-use, intuitive financial services to the future clients of the INDEXO Bank.
Gints Ozoliņš
Head of Technology Development at INDEXO

INDEXO is currently developing the new bank service offer, the creation of IT systems and risk management models, as well as other domains related to the future operation of the bank.

“Creating a completely new banking institution we have the privilege to select the most modern, flexible technology for our processes and consumer products without dependence on legacy systems. The Mambu technology was selected after careful consideration among four currently leading banking product solutions and we are sure that this platform will enable us to offer easy-to-use, intuitive financial services to the future clients of the INDEXO Bank. The solution is unique for the Latvian banking market as it is based on cloud computing and will afford us vast opportunities in growing our banking product offer in the future,” says Gints Ozoliņš, INDEXO Head of Technology Development.

In 2022, INDEXO conducted its IPO where it successfully raised EUR 7.49 million and the company’s shares were oversubscribed by around EUR 2.5 million.

Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the proposal from the Bank of Latvia.

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