London-based FinTech company Kriya has secured a new 50-million-pound (about $64 million) debt facility to scale its B2B payments volumes.
The new funding will allow the company to power 1 billion pounds of B2B payments over the next two years via its PayNow and PayLater embedded credit and payments offerings for B2B retailers and marketplaces in the United Kingdom, Kriya said in a Wednesday (Jan. 31) press release.
“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 cashflow,” Kriya CEO Anil Stocker said in the release.
With the new funding, Kriya will enable B2B retailers and marketplaces to offer their customers options like Pay in 30 or 60 days, as well as split payments over several months, in both online checkouts and offline orders, according to the release.
In addition, the facility will allow Kriya to support exporters who do business in 45 markets in different currencies, including pounds, U.S. dollars and euros, the release said.
Kriya has been active in the business payment and credit market for 12 years, supporting mid-market and enterprise merchants with products like B2B invoice finance, business loans and credit lines, per the release.
The company’s new debt facility is provided by its longstanding debt partner, Viola Credit.
“[Kriya’s] new evolution of offering embedded B2B payments to merchants allows them to reach even more small businesses by removing friction in the purchasing process,” Viola Credit General Partner Ido Vigdor said in the release. “We’re happy to continue and deepen our relationship with Kriya with this additional financing capacity as they scale their B2B embedded financing product.”
Larger traditional wholesalers who have been selling in stores or via call centers are now moving their operations into the digital age, Stocker told PYMNTS in an interview posted in May.
“That offline-to-online journey will continue to be a big trend moving forward,” Stocker said.
In another recent move, Kriya said in September that it has partnered with platform-specific payment infrastructure provider Mangopay.
Together, the companies offer B2B marketplaces and platforms access to a seamless checkout experience that supports their preferred payment methods and offers flexible terms and upfront payment with zero risk.
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