“Can a Latvian pension-fund manager become a full-service digital challenger bank for the Baltic region by layering banking, investment, and embedded finance products on a modern cloud-native core?”
Indexo began as a Latvian investment management and pension fund operator (IPAS Indexo), managing 2nd and 3rd pillar pension assets for retail clients. The group subsequently obtained a banking license and launched AS INDEXO Banka, pivoting toward full-service digital banking powered by Mambu's cloud-native core banking platform. This embedded-finance move positions Indexo as a challenger bank in the Baltic region, combining asset management, pension products, and digital banking under a single group brand.
Indexo discloses Mambu as its banking provider, according to the Embedded Finance Index 2026.
Indexo does not disclose a bank charter of its own; its banking services are provided through Mambu.
Indexo's lending and capital products are provided by Mambu.
The Embedded Finance Index 2026 maps 2 layers in Indexo's stack: Banking / BaaS (Mambu); Lending (Mambu).
Indexo is headquartered in Riga, Latvia.
Get a read on where your own stack stands against Indexo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.