INDEXO, the pension management company that is now working on its new bank project, has selected its key banking technology platform – Mambu, a cloud-native banking platform already in use by such well-known banking institutions as Raiffeisen Bank, ABN AMRO’s New10, N26, Western Union and others. Mambu will ensure 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.
Mambu is a cloud banking platform with a uniquely composable approach that allows complete flexibility for customers to meet ambitious expansion plans seamlessly. Its feature-rich and highly flexible cloud-native service engines will enable INDEXO to launch products fast without any cumbersome resources or processes dependencies.
“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.
Launched in 2011, Mambu now has 900 employees that support 250 customers in over 65 countries. The Mambu platform currently has more than 90 million daily users and over 250 banks and financial institutions as customers. Fintecor, an experienced IT solutions provider to the financial industry, will assist INDEXO in the introduction of Mambu platform.
“INDEXO is transforming the financial environment in Latvia by simplifying traditional banking and lending experiences. Our banking platform provides flexibility and clarity, so INDEXO can continue to serve its growing list of thousands of clients with digital-first, innovative services. We are eager to continue our work together to provide modern, lean offerings in support of the financial well-being of more Latvian residents,” says Scott Wilson, Regional VP EMEA at Mambu.
As reported earlier, in parallel with its pension management business, INDEXO is actively working on the new bank project and recently submitted the application for the banking license. INDEXO is now also working on the development of the new bank service offer, the creation of IT systems and risk management models, as well as other issues related to the future operation of the bank.
Last summer 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. In the IPO, investors acquired the pension management company’s shares, and it is planned that the new INDEXO bank will be a subsidiary of the pension management company. INDEXO shares were listed on July 15, 2022 on Nasdaq Riga Baltic Main List. The ticker symbol of INDEXO shares in IDX1R.
Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the proposal from the Bank of Latvia.
