Pension management company Indexo launches bank in Latvia powered by Mambu
Pension management company Indexo has combined its banking licence from the European Central Bank (ECB) with Mambu’s core banking platform to debut its new retail banking subsidiary in Latvia.
Indexo launches bank in Latvia with Mambu core
The platform’s integration has been underway since March last year, and was led by IT solutions provider Fintecor.
During this time, Indexo applied for a banking licence with the Bank of Latvia and ECB, which was eventually granted in May this year.
This was after it raised €7.49 million through an initial public offering (IPO) on the Nasdaq Riga Baltic Main List in Latvia, which was completed in July 2022 and was oversubscribed by around €2.5 million.
The central bank’s licencing enabled Indexo to operate a credit institution in Latvia, including the provision of current and savings accounts, term deposits, credit cards, instant payments and other “daily banking services”.
This remit is currently led by Indexo founder and former board chair Valdis Siksnis, whose appointment was announced upon the receipt of a banking licence in May.
Concerning the “stagnant competition in the financial space and dwindling innovations”, Indexo CTO Gints Ozolins says the launch of the new bank seeks to “revive competition in the Latvian financial market”.
