Vilnius Factoring Company, which provides services to small and medium-sized businesses, has changed its name to become PayRay. This move reflects the company’s strategic goals for the development of both its services and its area of operations.
“More than a year ago, we started our activities in Lithuania and established ourselves as a factoring company. During this period, we worked actively with our business clients and found that they needed flexible solutions to finance their working capital and their business development. To meet these needs, we have now expanded the range of services we provide, complemented by microcredits for micro-enterprises and farmers in cooperation with the European Investment Fund. These are important changes for us and our customers, and that is reflected in the new company name,” said Renato La Fianza, CEO of PayRay.
He noted that the change of the company’s name is also related to its planned expansion abroad.
Since the beginning of our operations Vilnius Factoring Company financed invoices of EUR 125 million. The company has increased its factoring portfolio to EUR 25 million, and has 140 business customers.
PayRay, then known as the Vilnius Factoring Company, started its operations in Lithuania in June 2018. The company currently employs more than 20 experienced professionals from field of finance. Its share capital is EUR 20 million.