Allica Bank has acquired Kriya, an award-winning SME known as Matketfinance, in a move that marks the rapid entry of Fintech into the market of motivated payments and billions of SME funds operating in cash by 2028.
The acquisition strengthens Allica’s position in the SM finance sector by combining its growing portfolio of business loans with KRIYA’s expertise in invoice, loan to loan.
The two firms described the deal as a “Natural Strategic Fit”, citing the shared journey led by technology and leadership teams with prominent connections in the industry.
This agreement comes amid an increase in the confidence of smeempela by circulating money, with one in ten small businesses now able to secure an overdraft or a traditional bank loan – The lowest rate recorded since 2019.
Since its launch in 2020, Allica Bank has grown rapidly, with total SME assets now standing at $3.5 billion. After the acquisition, the bank plans to advance £1 billion in working capital over the next three years as part of its aim to capture the 10th largest SME market by 2028.
Richard Davies, CEO of Allica Bank, said: “SMEs have long struggled to access the flexible finance they need as high street banks have been downsized.”
“Kriya has built an impressive business over ten years, and his team and team share our belief that SME Finance needs to be redefined.”
Founded in 2011, Kriya has processed over £4 billion in invoice finance, SME loans and embedded funds across 300,000. Its Paylater solution, already integrated with B2B sellers such as halforderds, allows sme buyers to distribute payments and better manage cash flow.
Under the terms of the agreement, Kriya will retain its brand ownership and act as a subsidiary of Allica Bank. CEO and co-founder anil stock
“Joining forces with Allica gives us the perfect platform to scale what we’ve heard,” shares said.
“We share the same DNA – a real commitment to reinventing SME finance and competing with big banks that are moving away from this market. Our leveraged financial offering will then support expansion across Europe.”
This is Allica’s third acquisition following its purchase of AIB’s GB SME lending portfolio in 2021 and the tie-up of financial specialist Tuscan Capital in 2024.
The UK’s fastest growing group by 2024 and the UK’s fastest growing UKintech by 2023, Allica became profitable within three years of launch. Its flagship Business Rewards account, which offers premium, no monthly fees and named relationship managers, continues to gain traction among established SMEs.
The acquisition of Kriya underlines Allica’s ambition to bring together lending, payments and embedded finance into an integrated proposition for Britain’s small businesses – a sector that represents a third of the UK economy.
