The B2B payments FinTech startup Kriya has obtained a fresh €58 million fundraising round from Viola Group, a longstanding loan and equity partner. The fresh funding will enable the fintech to power more than £1 billion in B2B payments, over the next 24 months.
B2B Payments: Kriya’s Growth Strategy
Since its founding in 2011, Kriya has assisted companies with collecting over £27 billion in B2B payments and extending over £3.5 billion in credit to suppliers and buyers. It is currently active in the UK, Ireland, Spain, the Netherlands, Poland, and Belgium.
Kriya plans to expand its embedded credit and payments service for B2B shops and marketplaces with PayNow and PayLater with the addition of this facility. With the additional capital, Kriya will be able to support both offline and online checkouts and provide services like Pay in 30 or 60 days or split payments over several months. Kriya can assist major retailers in drawing in and keeping business clients by streamlining the checkout procedure. This will support larger sales baskets and ease the cash flow of end users, including sole proprietors.
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In addition to increasing Kriya’s capacity to handle larger payment volumes and assist additional UK merchants, the facility will enable Kriya to assist exporters operating in 45 approved markets with a variety of currency options, including GBP, USD, and EUR.
Remarks
Anil Stocker, CEO of Kriya said:
“We’re seeing big changes in how forward-looking merchants think about their B2B sales journeys. From marketing to 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.”
According to Stocker:
“Kriya has been a successful player in the commercial credit and payment sector for more than a decade, having forged alliances with organizations like the British Commercial Bank and Barclays UK while handling billions of dollars worth of payments annually.”
CEO of Kriya, Anil Stocker added:
“This new facility is an exciting proof of how we are now embedding and integrating financial tooling into larger merchants, streamlining financial operations so they can concentrate on their core business and drive sales growth.”
Ido Vigdor, General Partner at Viola Group stated:
“Kriya has successfully supported businesses over the last 12 years by delivering products like B2B invoice finance, business loans, and credit lines. Because there is no longer any deception involved in the purchasing process, merchants may reach even more small businesses with this next iteration of integrated B2B Payments. We’re pleased to be supporting one of the pioneers in B2B fintech and expanding our support during this fascinating period.”
