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New commercial bank launches operation in Lithuania

PayRay, a Lithuanian financial sector company, has started a new page of its business service activities, local media reported.

Photo by Roman Motizov / Shutterstock.com

It has now begun operating as a bank and will soon start collecting deposits, as well as further focusing on developing capital financing solutions for businesses, PayRayʼs representative informed local news portal the Baltic-course.

The FinTech company PayRay has now launched its banking operations. The company will soon start accepting deposits from Lithuanian customers (private individuals), which will be accepted in euros for a period ranging from six months to five years.

The deposits will take place via the online platform raisin.com – the first pan-European deposit marketplace that currently cooperates with more than 90 banks.