Mobile bank INDEXO Bank has officially launched in Latvia after recently receiving a banking licence from the European Central Bank.
INDEXO Bank will leverage Mambu’s cloud banking solutions to build a financial infrastructure for incumbent Latvian customers to find “best-of-breed” solutions for financial stability and flexibility.
The digital and mobile banking company offers a range of daily banking and lending services, while looking to bring forth innovation across the Latvian financial sector by building a “truly innovative and seamless experience” from the rest of its competitors.
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.”
Leveraging Mambu’s core banking platform, underpinned by Microsoft Azure and integrated by Fintecor, INDEXO Bank has built 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 with Mambu, INDEXO Bank was able to officially commence operations with an offering of financial products and daily banking services ranging from current and savings accounts, term deposits, credit cards, instant payments, and more.
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.”
