Business lender MarketFinance has rebranded as Kriya, in a bid to reflect its growing stable of embedded finance products.
Kriya is a Sanskrit word and yoga discipline, meaning “completed action” and “being in a state of flow”, and has been chosen to reflect MarketFinance’s move to an embedded finance-based product offering.
MarketFinance was co-founded by chief executive Anil Stocker and Ilya Kondrashov 12 years ago after the 2008 financial crash. It started life as a peer-to-peer lending platform called MarketInvoice but moved away from the space in 2019 and rebranded to MarketFinance.
Kondrashov stepped down from the business in October.
According to Stocker, MarketFinance has helped businesses collect more than £20bn in B2B payments, and advanced more than £3bn worth of credit through working capital and business loans to thousands of firms to date.
“During this time, the market and our customers have evolved, and so has our product offering. We extended beyond offering invoice finance to providing business loans during Covid, a time when businesses were forced to embrace digital ways of working – especially eCommerce – just to stay afloat”, Stocker said.
“With this new way of working, we see a market that’s ripe for embedded finance. Businesses need fast and straightforward access to credit, and embedded finance allows them to use these products at the point of need online.”
Stocker said Kriya will make finance frictionless by integrating into existing business systems. The platform has simplified its product suite down to three core offerings: payments, lending and authentication.
Kriya Payments is an integrated payments solution at checkout to give customers flexible payment and credit options at the point of sale.
Kriya Lending offers several flexible lending and credit options to help overcome cash flow bottlenecks, ease liquidity concerns, or give businesses the means to invest in future growth. These include invoice finance and loans.
Kriya Authentication enables risk and fraud checks, helping businesses to onboard new customers into their systems quickly and securely.
The firm says it has worked to create a seamless transition for customers from today, pledging zero interruption or delay to its service.