Lithuanian PayRay bank starts operating in Latvia

Lithuanian PayRay Bank has expanded its business and started operations in Latvia, the bank said in a release October 22.

Factoring services and loans are already being offered to businesses in Latvia. In the future, the range of services provided to these companies will be supplemented after the company was allowed to start offering banking services.

“We base our activities on a long-term development strategy and we are currently implementing our geographical development plan by starting to provide services to business customers in Latvia. When we were planning actions and analyzing the situation in this market, we could see many similarities with Lithuania – for example, the structure of the small and medium business segment is very similar in both countries," said Renato La Fianza, CEO of PayRay.

"We believe that by combining the experience we gained in Lithuania with the knowledge of local experts, we can ensure a successful start-up and competition,” he added.

PayRay’s Latvian operations are managed by Mareks Basankovičs. In total, the team in Latvia consists of 7 people and it is planned that this number will reach 12 next year.

In June 2018, PayRay started operating in Lithuania’s factoring industry under the name Vilnius Factoring Company. PayRay currently has a share capital valued at EUR 36.4 million.

It only very recently announced that it had become a commercial bank in Lithuania and that in future it will take deposits via deposits via a shared online platform called raisin.com.

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