PayRay Bank has continued its planned expansion and has started operations in Latvia.

Factoring services and loans are already being offered to the businesses in that country. In the future, the range of services provided will be supplemented by other relevant lending solutions.

“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 analysing 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. 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,”

said Renato La Fianza, CEO of PayRay.

PayRay is currently considering the market for financing small and medium-sized businesses in other countries as well as opportunities for further geographical development.

Currently, PayRay’s Latvian operations is managed by Mareks Basankovics. Their team in Latvia consists of 7 financial sector professionals and they plan to expand their team by next year.

The European Central Bank had issued a license to PayRay in December last year, allowing the company to provide a full range of banking services. PayRay started its banking activities in Lithuania in October this year.

In June 2018, PayRay started operating in Lithuania’s factoring industry under the name Vilnius Factoring Company.

Featured image credit: Edited from Pixabay