INDEXO Bank has officially launched operations in Latvia after obtaining a banking licence from the European Central Bank.
It is said to be the first recipient of a banking licence in Latvia since its accession to the Eurozone.
The bank has leveraged Mambu’s core banking platform, a cloud banking provider, to build its core technology infrastructure.
This is further strengthened by Microsoft Azure, providing the cloud computing environment, and Fintecor, which enables seamless integration of various banking services.
This modern infrastructure allows INDEXO to provide financial services like current and savings accounts, credit cards, term deposits, and instant payments.
The partnership with Mambu enables INDEXO to launch an extensive and diverse financial product offering from day one, delivering a broad range of services to Latvians from the outset.
Gints Ozolins, CTO at INDEXO said,
“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.
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.”
INDEXO Group also operates as an investment management company licensed by the Bank of Latvia.
It manages modern 2nd and 3rd pillar pension plans and has grown to serve over 137,000 customers, with more than 1.21 billion euros under management.
Featured image: Gints Ozolins, CTO at INDEXO and Mark Geneste, Chief Revenue Officer at Mambu.
Edited from Freepik
