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PayRay development: deposits are now accepted in Lithuania and Germany

10 Dec 2020PayRay

PayRay Bank started accepting deposits from Lithuanian and German natural persons. The bank, which is applying Fintech principles, provides this service online – through globally recognized deposit platforms.

Deposits of Lithuanian customers are accepted through Raisin.com – the first European deposit platform developing partnerships with more than 90 banks. Deposits from German customers are accepted through Weltsparen.de, a similar platform which is operating exclusively on this market. Through both of these platforms, deposits will be accepted in euros for a period of six months to three years.

“After becoming a bank, we are consistently filling the basket of services provided to customers and expanding the geography of operations. Our decision to accept deposits will allow residents to use the savings they have in order to make money, and will give business customers more opportunities to discover necessary and competitive activity financing solutions. We hope that this will benefit both of our customer segments and will give a positive impetus to the company's growth," says Renato La Fianza, CEO of PayRay Bank.

PayRay, which started banking operations in October of this year, will continue to focus on working capital solutions for businesses. The company's service basket for businesses includes factoring and loans. Loans are also provided in cooperation with the company "Investment and Business Guarantees", while solutions for farmers are provided with the Agricultural Credit Guarantee Fund. In addition, the bank provides business loans together with the European Investment Fund under the EaSI program.

PayRay is planning further geographical development of business financing services. At the end of October, the company started providing factoring services and business loans to customers in Latvia.

At the request of the Bank of Lithuania, the European Central Bank issued a licence to PayRay in December last year, which allows the provision of banking services in full.

PayRay, then as a factoring company – „Vilnius factoring company“, started operating in Lithuania in June 2018. The company currently employs nearly 40 experienced financial sector professionals.

PayRay has a share capital of EUR 36.4 million.

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