What Indexo does

INDEXO is a Latvian financial services group, founded in 2017, operating as a licensed credit institution under the European Central Bank through its subsidiary AS INDEXO Banka. The company serves Latvian retail consumers with a digital-only, mobile-first offering that spans two product pillars: full-stack retail banking and pension fund management. Banking products include current accounts paying 1.0% annual interest, savings vaults at 2.5%, term deposits up to 4.5%, consumer loans from 6.5% APR, home equity loans up to 500,000 EUR from 1.9%, mortgage refinancing, and Visa-branded cards with Apple Pay and Google Pay support, all delivered through native iOS/Android applications without physical branches. The pension pillar comprises three lifecycle-based 2nd pillar investment plans (Jauda 16-55, Izaugsme 55-62, Konservatīvais 62+) plus a voluntary 3rd pillar scheme, all built on low-cost global index funds from iShares, Vanguard, Amundi, and Xtrackers, with annual management fees of 0.39–0.40%.

Underlying technology is a mobile-first platform with a PSD2-compliant Open Banking API built on Microsoft Azure API Management, supporting decoupled authentication and third-party provider access for payment initiation and account information services. The company also operates proprietary financial calculators (savings and pension projections, future salary modeling) and integrates directly with the Latvija.lv government portal and the State Social Insurance Agency (VSAA) for 2nd pillar pension plan selection and account statements.

INDEXO's business model combines recurring asset-based fees on pension AUM with interest income from deposits and consumer/home equity lending, plus transaction fees on SEPA and card payments. Distribution is product-led growth via the mobile app, supplemented by a unique government-portal acquisition channel for pension plans and an Open Banking API channel for fintech partners. Customer ownership is unusually broad, with the company describing thousands of Latvian residents as INDEXO shareholders, reinforcing a community-owned, domestic-only positioning in a single market.

Name

Indexo

Legal name

IPAS "Indexo"

Website

https://indexo.lv

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

INDEXO is a Latvian licensed bank and asset manager offering mobile-first retail banking, lending, and index-based 2nd and 3rd pillar pension plans to Latvian consumers through a digital-only platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Pension Funds (525110), Portfolio Management and Investment Advice (523940), Finance and Insurance (52)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Investor Education, Research & Portfolio Analytics Services (Retail) (FSAAAAAO)

Keywords

• Retail banking services
• Pension fund management
• Consumer lending
• Mobile banking
• Savings accounts

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: Revenue generated from interest charged on consumer loans (from 6.5% annual), home equity loans, and mortgage refinancing. The bank offers consumer credit up to 25,000 EUR with terms up to 84 months.
2. Pension Fund Management Fees: Recurring management fees from 2nd and 3rd pillar pension funds. Fees range from 0.391% to 0.40% annually of assets under management, including fund manager commission, custodian fees, and other expenses.
3. Deposit Interest Spread: Income generated from spread between interest paid to depositors (up to 4.5% for term deposits, 2.5% for savings vaults) and returns from lending and investment activities.
4. Payment Processing: Fees from payment processing services within Latvia and across the EU through SEPA credit transfers and integration with card networks.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Indexo is a Latvian licensed bank and pension fund manager offering mobile-first banking services to individual consumers in Latvia. Core offerings include current accounts, savings vaults and term deposits (up to 4.5% annually), consumer loans, home equity loans, and mortgage refinancing, delivered through the INDEXO mobile banking app. The group also manages 2nd and 3rd pillar pension plans (Jauda, Izaugsme, Konservatīvais) using low-cost index-based investment strategies.

Product overview

INDEXO is a licensed Latvian bank offering a comprehensive digital banking platform with a mobile-first approach. The core offering includes INDEXO Bank (mobile banking application), current and savings accounts, term deposits up to 4.5% annually, and various credit products including consumer loans (from 6.5%), home equity loans (up to 500,000 EUR from 1.9%), and mortgage refinancing. INDEXO also provides pension fund management through three 2nd pillar investment plans (Jauda for ages 16-55, Izaugsme for 55-62, Konservatīvais for 62+) and a 3rd pillar private pension scheme with automated investing. The products are designed to work as an integrated financial ecosystem accessible via mobile app, with features including Apple Pay/Google Pay, payment cards with purchase insurance, and Open Banking API access for third-party providers.

Differentiator

Problem solved

Functional benefit

Brands

• INDEXO Banka: Mobile banking services including current accounts, savings, term deposits, consumer loans, mortgage refinancing, and home equity loans
• INDEXO Pensiju 2. līmenis
• INDEXO Pensiju 3. līmenis
• INDEXO Jauda 16-55
• INDEXO Izaugsme 55-62
• INDEXO Konservatīvais 62+

Products and services

• INDEXO Bank (Mobile Banking) INDEXO's mobile banking application providing account management, payments, card services, savings management, and pension account access for everyday banking needs of Latvian retail customers.
• Current Account (Norēķinu konts) Current account with 1.00% annual interest rate, unlimited balance, with monthly interest payments before income tax deduction, available to Latvian residents through the mobile app.
• Savings Vaults (Krājkases) Flexible savings accounts offering 2.50% annual interest rate with no notice required for deposits or withdrawals, featuring a round-up saving functionality for automatic savings.
• Term Deposits (Termiņnoguldījumi) Fixed-term deposits with rates up to 4.50% annually, available for 12, 24, 36, and 60 month terms, with compound interest reinvestment options; minimum 100 EUR and maximum 1,000,000 EUR.
• Consumer Credit (Patēriņa kredīts) Consumer loans from 600 to 25,000 EUR with terms from 18 to 84 months, starting from 6.5% annual interest rate (APR 7.9%) with no origination or processing fee.
• Mortgage Refinancing (Hipotekārā kredīta pārkreditēšana) Mortgage loan refinancing service allowing customers to replace their existing mortgage with potentially better terms and rates through INDEXO.
• Home Equity Loan (Kredīts pret mājokļa ķīlu) Home-secured loan up to 500,000 EUR from 1.9% annual interest rate, allowing homeowners to borrow against property equity.
• Loan Consolidation with Collateral (Kredītu apvienošana ar ķīlu) Debt consolidation service combining multiple loans with property as collateral for simplified repayment and potentially better rates.
• Mortgage Loan (Hipotekārais kredīts) Standard mortgage lending product for purchasing residential property in Latvia.
• Payment Cards (Kartes) Visa-branded payment cards with purchase insurance protection, supporting Apple Pay and Google Pay contactless payments for retail banking customers.
• Purchase Insurance (Pirkumu apdrošināšana) Insurance coverage for purchases made with INDEXO cards, protecting customers against theft or damage.
• INDEXO Jauda 16-55 (2nd Pillar Plan) Growth-oriented pension investment plan for ages 16-55 with up to 100% equity fund allocation, 0.391% annual management fee, investing in developed market equities and alternative funds.
• INDEXO Izaugsme 55-62 (2nd Pillar Plan) Balanced pension investment plan for ages 55-62, combining developed market equities, corporate bonds, and alternative investment funds with moderate risk profile.
• INDEXO Konservatīvais 62+ (2nd Pillar Plan) Conservative pension investment plan for ages 62+ focusing on high-quality EUR-denominated government and corporate bonds with 0.40% annual management fee.
• 3rd Pillar Pension (Pensiju 3. līmenis) Voluntary private pension savings with automated investment system, offering personal pension plans with 25.5% income tax refund on contributions up to 4,000 EUR annually.

Quantifiable outcome

• Interest rate 4.5% on 5-year term deposits vs. ~0% at traditional banks
• +3 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core.

• VisacoreTechnology or IntegrationVisa is the primary payment card network partner enabling INDEXO card transactions across Latvia and the EU. INDEXO issues Visa-branded payment cards with Apple Pay and Google Pay integration for contactless payments.
• iShares (BlackRock)coreTechnology or IntegrationINDEXO pension funds invest primarily in iShares index funds including Euro Credit Bond Index, Euro Government Bond Index, Euro Investment Grade Corporate Bond Index, Developed World Index, Core S&P 500 ETF, Japan Index Fund, North America Index Fund, and Pacific Index Fund.
• VanguardcoreTechnology or IntegrationVanguard provides index fund exposure for pension portfolios including EUR Corporate Bond UCITS ETF, EUR Eurozone Government Bond UCITS ETF, and S&P 500 UCITS ETF.
• AmundicoreTechnology or IntegrationAmundi STOXX Europe 600 fund used for European equity exposure in pension investment plans.
• Xtrackers (DWS)coreTechnology or IntegrationXtrackers MSCI USA UCITS ETF provides US equity market exposure for INDEXO pension portfolios.
• State Social Insurance Agency (VSAA)coreStrategic or Co-development PartnerVSAA provides INDEXO with customer pension data for 2nd pillar management and enables account statement display in the INDEXO app. Critical government partnership for pension fund administration.
• Latvija.lvcoreChannel Partner/ Reseller/ DistributorOfficial Latvian government portal integration enables citizens to select INDEXO as their 2nd pillar pension plan manager directly through government channels.
• Azure (Microsoft)coreTechnology or IntegrationOpen Banking API infrastructure powered by Azure API Management for PSD2-compliant third-party access to account and payment services.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Luminor: Largest Baltic-headquartered bank with retail, lending, and pension operations across Latvia, Lithuania, and Estonia. Directly comparable to INDEXO as a digital-forward Baltic bank competing for the same retail and pension customers.
• Citadele banka: Latvian-headquartered retail and SME bank offering deposits, lending, cards, and wealth management. Comparable to INDEXO as a domestically-owned challenger to Nordic incumbents in the Latvian retail banking market.
• SEB Investment Management: Manages 2nd and 3rd pillar pension plans in Latvia alongside banking. Directly comparable to INDEXO's IPAS Indexo pension management business in product, distribution, and fee structure.
• DelfinGroup: Latvian non-bank consumer and SME lender. Already a wholly-owned INDEXO Group subsidiary (DelfinGroup LT UAB), so it is both part of the group and a direct comparator for the Latvian consumer credit offering.

Broad incumbents

• Swedbank Latvia: Dominant Nordic incumbent in Latvia with the largest retail deposit base and full-service banking plus pension offering. Sets the incumbent benchmark INDEXO competes against on rates and mobile UX.
• SEB Latvia: Major Nordic bank with a large Latvian retail franchise spanning accounts, lending, cards, and asset management including pension products. Comparable as a broad incumbent offering overlapping services.

Emerging players

• Revolut: European digital-first bank with strong Baltic market presence. Comparable to INDEXO as a mobile-led, branchless bank competing for digitally native retail customers in Latvia.
• N26: European mobile-first bank offering deposit accounts, payments, and cards. Comparable to INDEXO as a branchless digital bank model competing for the same digitally native retail segment.
• bunq: European mobile-only bank with savings, payments, and API-first architecture. Comparable to INDEXO on mobile-first distribution, Open Banking approach, and competitive deposit pricing.

Regional players

• LHV: Estonian-headquartered digital bank and asset manager with pension fund operations. Comparable to INDEXO in business model (bank + index-based pension management) and a likely template for any Latvian-to-Baltic expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/indexolv
• YouTubeyoutube.com/@INDEXO
• Facebookfacebook.com/indexolv
• LinkedInlv.linkedin.com/company/ipasindexo
• Instagraminstagram.com/indexolv

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indexo