Kriya (company) explained

Kriya Finance Limited
Former Name:MarketFinance Limited, MarketInvoice Limited
Type:Private
Founder:Anil Stocker, Ilya Kondrashov, Charles Delingpole
Location:48-50 Scrutton Street, London EC2A 4XQ
Industry:Business lending, financial technology

Kriya (formerly MarketFinance Limited and MarketInvoice Limited[1] [2]) is a British business finance lender, specialising in invoice finance, business loans and embedded finance. It is described as a FinTech company.[3]

Description

The company is based in London. To date, it has facilitated approximately £20 billion of B2B payments and advanced approximately £3 billion in credit to UK SMEs.[4]

The company has a partnership with Barclays bank.

History

Anil Stocker has served as CEO and Cofounder since the company began and Ilya Kondrashov as Cofounder and Chairman of the Risk Committee. Giles Andrews OBE was appointed the first chairman of the company in 2017.[5]

In 2013 the British Business Bank, began funding businesses through their platform.

On 12 November 2019, MarketInvoice was renamed MarketFinance as it launched a new business loans product.[6]

In 2021 the company was accredited under the Recovery Loan Scheme (RLS). It was also accreddited with under the Coronavirus Business Interruption Loan Scheme (CBILS), having lent £250m to companies across the UK.

In November 2022 the company was renamed to Kriya.

Financing

Kriya's history of obtaining finance is as follows:[7] [8] [9]

!Year!Amount!Investors!Note
2011£930,000anonymousseed funding
2015£6mNorthzone, and Paul Forsterseries A[10]
2016£7.2m[11] Northzone, and MCI Partners
2019£26mBarclays bank, Santander Innoventures, Northzone and Viola Credit.[12] series B
2021£280mdebt and equity fundraise
2022£100mDeutsche Bank[13] debt financing

Products & customers

In 2017 the company released a Confidential Invoice Discounting facility that would allow businesses to upload their entire invoice book to borrow against.[14] In 2018 Kriya launched a business loan product followed by an embedded finance product in 2021.[15]

Investors fund businesses through Kriya's platform. These investors include institutional investors as well as regional funds and banks.

In 2018 Portugal's bank Banco BNI Europa and the German Varengold Bank announced that they would lend £90m and £45m respectively through Kriya's platform.[16]

In 2018 Kriya announced a partnership with Barclays bank to provide invoice finance to Barclays' business customers.[17]

Reception

Kriya was featured in the Sunday Times Tech Track 100 ‘Ones to Watch’ list in 2017 and 2018.[18] It won an Excellence Award for Most Innovative Invoice Financing Solutions in 2018.[19]

Notes and References

  1. Web site: MARKETFINANCE LIMITED – Filing history (free information from Companies House). beta.companieshouse.gov.uk. en. 2019-11-27.
  2. Web site: MarketInvoice rebrands as MarketFinance as it launches SME lending up to £250k – AltFi News. AltFi. en. 2019-11-27. https://web.archive.org/web/20191127215948/https://www.altfi.com/article/5932_marketinvoice-rebrands-as-marketfinance-as-it-launches-sme-lending-up-to-250k. 27 November 2019. live.
  3. News: Ryan Weeks . 2 August 2018 . MarketInvoice strikes strategic deal with Barclays . AltFi . live . 18 October 2019 . https://web.archive.org/web/20191017210412/https://www.altfi.com/article/4631_marketinvoice-strikes-strategic-deal-with-barclays . 17 October 2019.
  4. News: JD Alois . 19 March 2018 . UK Fintech MarketInvoice Tops £2 Billion in Online Lending . Crowdfund Insider . live . 18 October 2019 . https://web.archive.org/web/20191017205310/https://www.crowdfundinsider.com/2018/03/130482-uk-fintech-marketinvoice-tops-2-billion-in-online-lending/ . 17 October 2019.
  5. News: Giles Andrews appointed MarketInvoice chairman. FStech. Anthony Strzalek. 20 March 2017. 18 October 2019. https://web.archive.org/web/20191018000317/https://www.fstech.co.uk/fst/Giles_Andrews_Appointed_Chairman_MarketInvoice.php. 18 October 2019. live.
  6. Web site: FinTech firm MarketInvoice reveals new name . BusinessCloud.
  7. Web site: Businesses finance raised – Bank of England . live . https://web.archive.org/web/20200205162525/https://www.bankofengland.co.uk/statistics/visual-summaries/businesses-finance-raised . 5 February 2020 . 2019-12-19 . Bank of England . en.
  8. Web site: SMALL BUSINESS FINANCE MARKETS 2014 – Publication . live . https://web.archive.org/web/20200205162526/https://www.british-business-bank.co.uk/wp-content/uploads/2014/12/BBB_Small-Business-Finance-Markets-2014_Online_Interactive.pdf . 5 February 2020 . 2019-12-19 . British Business Bank . en.
  9. Web site: 2012-04-25 . Startup of the Week: MarketInvoice – Wired.co.uk . live . https://web.archive.org/web/20200205162525/https://www.wired.co.uk/article/startup-of-the-week-marketinvoice . 5 February 2020 . 2019-12-19 . Wired.co.uk . en.
  10. Web site: 2015-08-17 . MarketInvoice raises £6m – UKTN . live . https://web.archive.org/web/20200205162527/https://www.uktech.news/news/marketinvoice-raises-6m-20150817 . 5 February 2020 . 2019-12-19 . UKTN . en.
  11. Web site: Steve O'Hear . 2016-07-18 . MarketInvoice raises another £7.2M – TechCrunch . live . https://web.archive.org/web/20200205162524/https://techcrunch.com/2016/07/18/marketinvoice-the-uk-invoice-finance-platform-raises-another-7-2m/ . 5 February 2020 . 2019-12-19 . TechCrunch . en.
  12. News: Nicole . Emily . 21 January 2019 . London fintech Marketinvoice lands £56m in funding from Barclays and Santander . City A.M. . 1 November 2022.
  13. Web site: MarketFinance raises £100m from Deutsche Bank . 2022-12-07 . AltFi . en.
  14. Web site: MarketInvoice launches new invoice finance product . 2017-02-09 . 2020-01-16 . P2P Finance News . www.p2pfinancenews.co.uk . Kathryn Gaw . en . https://web.archive.org/web/20200205162527/https://www.p2pfinancenews.co.uk/2017/02/09/marketinvoice-launches-new-invoice-finance-product/ . 5 February 2020 . live .
  15. News: This UK fintech is taking on big banks with business loans — and one key EU law is driving it . cnbc . cnbc.com . 2017-10-31 . 2020-01-16 . Ryan Browne . https://web.archive.org/web/20200205162524/https://www.cnbc.com/2017/10/31/marketinvoice-launches-business-loans-on-back-of-psd2-open-banking.html . 5 February 2020 . live .
  16. News: BNI Europa and Varengold provide £135 million funding to MarketInvoice platform . Finextra . Finextra . 2018-03-26 . 2020-01-16 . https://web.archive.org/web/20200205162536/https://www.finextra.com/pressarticle/73212/bni-europa-and-varengold-provide-135-million-funding-to-marketinvoice-platform . 5 February 2020 . live .
  17. News: MarketInvoice strikes strategic deal with Barclays . AltFi . Ryan Weeks . 2018-08-02 . 18 October 2019 . https://web.archive.org/web/20191017210412/https://www.altfi.com/article/4631_marketinvoice-strikes-strategic-deal-with-barclays . 17 October 2019 . live .
  18. Web site: Tech Track 100 – MarketInvoice . live . https://web.archive.org/web/20200205162528/https://www.fasttrack.co.uk/company_profile/marketinvoice/ . 5 February 2020 . 2020-01-16 . www.fasttrack.co.uk . The Sunday Times.
  19. Web site: MarketInvoice – Most Innovative Invoice Financing Solutions 2019 – England . live . https://web.archive.org/web/20200425030519/https://www.acq-intl.com/winners/marketinvoice/ . 25 April 2020 . 2020-01-16.

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