Kriya Finance Secures £50 Million Funding Facility for B2B Payments Expansion

January 31, 2024

Author: Karan Bodh
Kriya Finance Secures £50 Million Funding Facility for B2B Payments Expansion

London-based fintech company Kriya has marked another milestone in its journey of rapid expansion by securing a substantial £50 million finance facility from Viola Credit, a longstanding partner. This infusion of funds is set to fuel Kriya's ambitious goal of facilitating over £1 billion in B2B payments within the next 24 months.

Kriya specializes in providing seamless B2B payment and credit solutions to businesses, particularly focusing on enhancing the purchasing experience for retailers and marketplaces. With this new funding, Kriya aims to bolster its PayNow and PayLater embedded credit and payment offerings, enabling B2B merchants to offer flexible payment terms to their customers. These options include features like deferred payments over 30 or 60 days and the ability to split payments over several months.

The significance of these solutions lies in their potential to streamline the checkout process, thereby assisting large merchants in attracting and retaining business customers. By facilitating smoother transactions, Kriya ultimately aims to empower merchants to drive larger sales volumes while simultaneously aiding end buyers, including sole traders, in managing their cash flow more effectively.

Moreover, this financing facility enables Kriya to extend its support to exporters operating in 45 markets worldwide, encompassing various currencies such as GBP, USD, and EUR. This broader reach underscores Kriya's commitment to facilitating international trade and commerce, further solidifying its position as a key player in the B2B payments landscape.

Anil Stocker, CEO of Kriya, expressed enthusiasm about the company's future trajectory, highlighting the evolving needs of merchants in today's digital economy. He emphasised Kriya's extensive track record of success in the realm of business payments and credit, underscored by strategic partnerships with notable institutions like Barclays UK and the British Business Bank. Stocker sees this new funding as a testament to Kriya's ability to innovate and adapt to the changing dynamics of the business landscape, while providing stable and scalable solutions to mid-market and enterprise merchants.

The sentiment was echoed by Ido Vigdor, General Partner at Viola Credit, who emphasised Kriya's evolution towards offering embedded B2B payment solutions. He highlighted the importance of such innovations in removing friction from the purchasing process, particularly for small businesses navigating challenging economic conditions.

Founded in 2011, Kriya has steadily expanded its presence across the UK, Ireland, Spain, the Netherlands, Poland, and Belgium. Over the years, the company has facilitated billions in B2B payments and extended substantial credit to suppliers and buyers alike. This latest funding milestone not only underscores Kriya's growth trajectory but also signifies its commitment to empowering businesses through seamless financial solutions.

Looking ahead, Kriya aims to leverage this funding to onboard larger merchants and drive revenue growth through enhanced product offerings and expanded market reach. With a focus on hiring and expanding its team, Kriya is poised to capitalise on the burgeoning opportunities within the B2B fintech space, reaffirming its status as a leader in the industry.

In conclusion, Kriya's latest financing milestone marks a significant step forward in its mission to revolutionize B2B payments and credit. With a strong foundation of technology, expertise, and strategic partnerships, Kriya is well-positioned to drive continued innovation and growth in the dynamic world of fintech.