New Kriya (previously MarketFinance) research shows high levels of awareness of Embedded Finance among UK B2B SMEs.
But with implementation intent being 3 years on average, “this means thousands of UK firms are leaving money on the table,” the report from Kriya reveals.
UK SME sector’s estimated turnover “is £2.3 trillion.” Yet 94% of global B2B commerce “is yet to move online.” Which is probably “why growth of B2B embedded payments is projected to reach $2.6B in 2026.”
The report from Kriya added that it’s “a huge space with everything to play for.” To better understand Embedded Finance in the UK, the Kriya team commissioned research company Opinion Matters to survey 250 C-Suite executives. They uncovered “their current economic concerns, and awareness of Embedded Finance and its benefits.”
Embedded Finance is not a foreign concept
Embedded Finance is “an emerging trend which has been proposed as a solution to some of the challenges facing businesses today.” When asked whether they’d heard of the term Embedded Finance and if they were aware of what it means, the “vast majority responded yes.”
As mentioned in the update from Kriya, 95% of B2B e-commerce firms that have not yet adopted Embedded Finance “are planning to do so in the next 5 years.” On average, they expect to roll out B2B Embedded Finance in “just over three years.” However, with Kriya, implementation takes “only four weeks, from the first discovery call to deployment.” That’s over three years of “missed revenue.”
For more details on this update, check here.
In another update, it was noted that Kriya is the new name for Fintech platform MarketFinance, which announced the appointment of senior Capital One, Klarna and Adyen alumni to support the company’s increasing “focus on B2B payments and Embedded Finance, a market recently estimated by Activant Capital to be worth more than $100 trillion globally.”
In the UK alone, SMEs turned over “an estimated £2.3 trillion in 2021.” By providing frictionless access to payments, credit and working capital through seamless integrations and instant credit decisions, Kriya “keeps business flowing.”
Founded in 2011 and after seeing strong profitable growth in 2021, Kriya has “helped businesses collect over £20 billion in B2B payments, and advanced over £3 billion worth of credit through working capital and business loans.”
For more details, click here.