Allica Bank, a British challenger bank focused on SMEs, has enhanced its working capital initiatives and entered the embedded finance sector by acquiring fintech Kriya.
Since its inception in 2020, Allica has extended £3.5 billion in loans to SMEs, achieving nearly double its profits last year. This impressive performance earned the bank accolades as the UK’s fastest-growing private company by the Times and as the leading tech company by Deloitte.
With the Kriya acquisition, Allica aims to secure £1 billion in working capital finance over the next three years. This initiative is part of a broader strategy to capture 10% of the established SME finance market by 2028, positioning itself as a modern alternative to traditional high street banks.
Kriya, previously known as MarketInvoice and MarketFinance, launched in 2011 and has since processed over £4 billion in invoice financing, SME loans, and embedded finance solutions, assisting thousands of businesses across more than 300,000 transactions. Its embedded PayLater feature, now integrated with major B2B retailers such as Halfords, provides valuable cash flow management options for SME buyers.
Following the acquisition, Kriya will maintain its brand identity under the leadership of CEO and co-founder Anil Stocker, with all staff transitioning to Allica Bank.
Richard Davies, CEO of Allica Bank, remarked, “Kriya has developed a remarkable operation over the past decade. Anil and his team share our vision that SME finance needs to be reimagined. Together, we can deliver a solution that the market urgently requires.”