Kriya, a London-based B2B payments fintech, has raised a new £50m funding facility to power credit transactions, as it looks to grow its B2B embedded finance credentials.
The funding has been provided by Viola Group, the Israeli tech investment group, which provided Kriya with a £30m credit facility last year.
Kriya, backed by investors including Northzone, Barclays, Santander, and Cogito Capital Partners, competes in the hot fintech area of embedded payments.
Securing the new £50m facility, says Kriya founder and CEO Anil Stocker, spells “good news for the ecosystem”.
“It is good news for the ecosystem, we can help merchants, we can help small businesses and it is another proof point that Kriya is getting traction with B2B merchants."
Stocker said that B2B payments was increasingly digitising.
"Since Covid big enterprises are realising they can sell in new ways. They are trying to reach new types of buyers, they are trying to sell online, they are building digital checkouts, they are embedding payment links, so having different ways of paying and different times to pay is very good for them."
Kriya said the new funding facility will allow it power over £1 billion B2B payments over the next 24 months, as it looks 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 from marketing to and onboarding 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.”
In December last year, Kriya said it had signed a deal with CVC Capital Partners-owned Halfords, which will see the retailer leverage Kriya’s embedded finance tech to offer payment and credit services for its trade account customers.
Lead image: Anil Stocker (Kriya CEO) & Marion Delille (Kriya CCO).