Kriya is clear in its aim to power more than £1 billion (US$1.25bn) worth of B2B payments over the next two years.
And achieving that goal just became a more realistic possibility after the fintech secured a £50 million (US$63.2m) funding facility from long-standing debt and equity partner, Viola Group.
With this facility, Kriya intends to double down on its PayNow and PayLater embedded credit and payments offering for B2B retailers and marketplaces.
“We’re seeing big changes in how forward-looking merchants think about their B2B sales journeys,” comments Anil Stocker, CEO at Kriya. “From marketing to and on-boarding new types of buyers through new channels, to smoothing the checkout process by offering different payment options and PayLater features that help their buyer’s cash flow.
“Kriya has the technology, product and operational expertise to take advantage of the digitisation of business transactions, while being a stable and scalable partner to mid-market and enterprise merchants.
“This new facility is an exciting validation of how we are now integrating and embedding financial tooling into larger merchants, making financial operations smooth so they can focus on their core business and drive sales growth.”
Frictionless access to B2B payments
Founded in 2011, Kriya has delivered in the business payment and credit market for more than 12 years, processing billions of payment volumes and striking partnerships with institutions including Barclays UK and the British Business Bank.
The leading fintech firm now operates in the UK, Ireland, Spain, the Netherlands, Poland and Belgium, and is turning heads with its platform that keeps business flowing by providing frictionless access to B2B payments and credit through seamless integrations and instant credit decisions.
To date, Kriya has helped businesses collect more than £27bn (US$34bn) in B2B payments, and has advanced in excess of £3.5bn (US$4.4) worth of credit to suppliers and buyers.
Viola Group backs fintech leader
Kriya’s new funding facility allows the company to power online checkouts and offline orders, offering features like Pay in 30 or 60 days, or the ability to split payments over several months.
By smoothening the checkout process, Kriya can help large merchants attract and retain business customers, powering larger sales baskets and helping end buyers with their cash flow.
Beyond the ability to scale payments volumes and support more merchants in the UK, the facility will allow Kriya to support exporters who do business across 45 supported markets in multiple currencies, including GBP, USD and EUR.
“Over the last 12 years Kriya has successfully supported businesses by delivering products like B2B invoice finance, business loans and credit lines,” adds Ido Vigdor, General Partner at Viola Group.
“This new evolution of offering embedded B2B payments to merchants allows Kriya to reach even more small businesses by removing fiction in the purchasing process. We’re happy to be deepening our support at this interesting time by backing one of the leaders in B2B fintech.”
FinTech Magazine is a BizClik brand.
- Payments Firms Remain Heavily Reliant on Manual TasksRegTech & Compliance
- Capital One's Takeover of Discover: All you Need to KnowFinancial Services (FinServ)
- How Mollie is Making Money Management Effortless in EuropeFinancial Services (FinServ)
- Conferma: On a Mission to Simplify Global PaymentsDigital Payments