Bank of Lithuania
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Following the assessment and proposal of the Bank of Lithuania, the European Central Bank (ECB) granted PayRay, UAB a banking licence, authorising it to receive deposits and other repayable funds.

The company is currently providing factoring services and microcredits to small and medium-sized enterprises (SMEs). Having engaged in banking activities, the company intends to continue providing loans to SMEs as well as expanding its portfolio of services (e.g. online deposit collection) and geographical coverage.  

PayRay, UAB belongs to a holding company registered in Luxembourg. The company started its activities in Lithuania in June 2018 as a private limited liability company (Vilnius factoring company) providing factoring and other working capital financing services. 

Currently eight banks in the country have a banking or a specialised bank licence; nine banks operate as a foreign bank branch. Together with the ECB, the Bank of Lithuania is assessing three applications for a specialised bank licence.