In 2019, Lithuanian financial sector company PayRay implemented its ambitious growth targets. The company, which provides services to small and medium-sized businesses, has more than tripled the value of its factoring portfolio to EUR 35.1 million and that of its microcredit portfolio to EUR 685,000. The company, which received its bank licence last year, expects to further develop and expand its basket of services this year.
PayRay funded accounts worth EUR 170 million last year, with the value of its factoring portfolio reached EUR 35.1 million. By comparison, in the first half after launching its activities in June 2018, the company funded accounts worth EUR 17.7 million. The factoring portfolio at the end of the first year was worth EUR 11.3 million.
“I can safely say that the company’s annual achievements exceeded expectations. This came as a result of the increasing demand for flexible business financing instruments in the Lithuanian market and the entire team’s full efforts to respond to this trend. For this reason, our portfolio of services – which has implemented factoring services since its launch – was supplemented last year by microcredit for very small businesses issued together with the European Investment Fund,” says Renato La Fianza, CEO of PayRay.
Last year, 150 businesses benefited from PayRay’s factoring services, with these companies mainly active in the wholesale, manufacturing and transport sectors. A total of 60,000 accounts were financed at an average value of EUR 2,800 and a payment term of 62 days.
The value of the portfolio of microcredit issued to microenterprises and farmers has increased to EUR 685,000 since the launch of the service in August. The average value per loan has so far been EUR 20,000.
PayRay, which will become a bank this year, will continue to focus on financing solutions relating to short-term working capital for small and medium-sized businesses, says La Fianza. Short-term services for business customers will complement the type of services provided by the company. Deposits from natural persons will also be accepted online.
PayRay, then known as Vilnius factoring company, started its operations in Lithuania in June 2018.
The company currently employs more than 20 experienced financial professionals.
PayRay’s authorized capital stands at EUR 20 million.