Kriya, the B2B payments fintech, today announced that it has secured a new £50 million funding facility from a long-standing debt and equity partner, Viola Group.
This will allow the fintech to power over £1 billion of B2B Payments over the next 24 months.
With this facility, Kriya intends to double down on its PayNow and PayLater embedded credit and payments offering for B2B retailers and marketplaces. The new funding allows Kriya to power online checkouts and offline orders, offering features like Pay in 30 or 60 days, or split payments over several months. By smoothening the check-out process Kriya can help large merchants attract and retain business customers, powering larger sales baskets and helping end buyers (including sole traders) 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 in 45 supported markets in multiple different currencies, including: GBP, USD and EUR.
Anil Stocker, CEO at Kriya, commented: “We’re seeing big changes in how forward-looking merchants think about their B2B sales journeys 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 delivered in the business payment and credit market for over 12 years, processing billions of payment volumes and striking partnerships with institutions such as Barclays UK and the British Business Bank. 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.”
Ido Vigdor, General Partner at Viola Group, commented: “Over the last 12 years Kriya has successfully supported businesses by delivering products like B2B invoice finance, business loans and credit lines. This new evolution of offering embedded B2B Payments to merchants allows them 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.”