Kriya notes that they’re about to close off 2023 and what an “important” year it’s been for the UK Fintech firm.
This time last year Kriya CEO Anil Stocker says he was reflecting on their recently launched PayLater products and rebrand.
According to the company CEO, since then it’s been full steam ahead, and he is now looking back on “a foundational year of product development, business transformation and commercial wins.”
Anil has shared a few of his highlights while reflecting on the year to come.
In 2023, Kriya has reportedly “passed the huge milestone of processing £27 billion in B2B payments since their inception.”
Kriya’s new API integration technology “saw payment volume surge 17x due to the adoption of their latest PayLater tools.”
As noted in the update, thousands of new B2B buyers were onboarded “by their integrated merchants, over 50% of whom returned each month to make repeat transactions powered by their products.”
As stated in a blog post by Kriya, the widespread adoption of embedded finance truly “began this year.”
It’s evident from “the profile of businesses we’ve been working with.”
Where 2022 was all about early adopters and digitally native B2B Marketplaces, in 2023 they saw “a shift in interest from far more established retailers and enterprises.”
Their recent win with Halfords is “case in point.”
Anil added:
“I’ve been saying for a while now that embedded finance is set to revolutionize B2B sales. Buyers expect access to flexible payment terms, for payments to be frictionless and multichannel – and here we are.”
He also mentioned:
“With 83 percent of B2B transactions still being made offline, we launched our Kriya Merchant Portal to open up PayLater to offline sales.”
With their tools, big companies can “embed payments into the last mile of their offline orders.”
Paylinks and QR codes can be “shared in WhatsApps or emails, effectively turning any messaging tool into a digital checkout.”
Trade cards, once limited to retail store credit, “are becoming apps, offering a unified spending limit across online and offline purchases.”
As noted in the update from Kriya, companies that “commit to multichannel sales are 79 percent more likely to be market share winners.”
Those that don’t are “leaving money on the table for their competitors.”
The firm’s management concluded:
“Partnerships are instrumental to our growth, and Barclays have made an outsize contribution to this over the past 5 years of working together. … since 2018 we’ve funded over 500 merchants banked by Barclays and advanced nearly half a billion in funds.”
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