"Allica Bank has acquired Kriya, the award-winning SME lending fintech formerly known as MarketFinance, in a move that marks the UK's fastest-growing fintech's entry into the embedded payments market and signals its ambition to deliver £1 billion of SME working capital finance by 2028. The acquisition strengthens Allica's position in the SME finance sector by combining its growing business lending portfolio with Kriya's specialist expertise in invoice, loan and embedded PayLater solutions. The two firms described the deal as a "natural strategic fit", citing shared technology-led missions and leadership teams with longstanding connections in the industry."
"For too long SMEs have struggled to access the flexible finance they need as the high street banks have retrenched. Allica is building something different - a better way to serve Britain's established SMEs. Kriya has built an impressive business over more than a decade, and Anil and his team share our belief that SME finance needs reinventing. Together, we can offer something the market desperately needs."
"The deal comes amid a steep drop in SME confidence around access to funding, with only one in ten small businesses now able to secure overdrafts or traditional bank loans - the lowest level recorded since 2019. Founded in 2011, Kriya has processed more than £4 billion in invoice finance, SME loans and embedded finance across 300,000 transactions. Its PayLater solution, already integrated with B2B retailers such as Halfords, allows SME buyers to spread payments and better manage cashflow."
Allica Bank has acquired Kriya (formerly MarketFinance) to expand into embedded payments and bolster its SME finance offering. The deal combines Allica's growing business lending book with Kriya's invoice finance, SME loan and embedded PayLater expertise. The firms cite shared technology-led missions and longstanding leadership connections as a strategic fit. SME funding confidence has fallen sharply, with only one in ten small businesses able to secure overdrafts or traditional loans. Since 2020 Allica's SME lending has reached £3.5 billion, and the bank plans to advance £1 billion in working capital finance over the next three years.
Read at Business Matters
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