Kriya (Formerly MarketFinance) Invoice Finance, Loans, Reviews?

Formerly known as MarketFinance, Kriya is primarily a payment finance platform that can be embedded into an eCommerce website for handling payments.

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However, Kriya also offers invoice financing, though lump sum business loans are also theoretically available through this lender.

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Only SMEs and partnerships qualify for financing through Kriya, so sole traders will not be eligible, and some of the criteria can be pretty strict and prevent access for smaller businesses, but Kriya has a fine reputation among fellow businesses – as well as an illustrious history, as MarketFinance was the first online-only provider of invoice finance in the UK.

Video: Business loans and finance explained

Pros and cons of Kriya for business finance

Pros	Cons
✓ Multiple options related to invoice financing	✗ Minimum turnover of £100,000 required – more for some lending streams
✓ Fast decisions on lending decisions – could be as quick as three minutes	✗ Kriya is not regulated by the FCA, so you may not enjoy some protection that you would like
✓ Business loans available on a peer-to-peer lending basis	✗ Unlikely to qualify for payment holidays on a business loan
✓ Excellent TrustPilot reviews	✗ Speed of customer service is sometimes criticised

Kriya pros and cons

Invoice finance

Kriya offers three types of invoice finance, each of which has different qualifying criteria.

Standard invoice finance

Kriya offers a pay-as-you-go invoice finance service, whereby you can upload an outstanding invoice to the lender’s portal. Kriya will release up to 90% of the value of this invoice once it has been verified, then take over credit control and receive payment from your customer. Once this invoice is settled, Kriya will release the remaining funds, minus a fee for their service.

Confidential invoice finance

If you do not want your customers to know that you are aligned with Kriya, you can sign up for confidential invoice financing. Kriya will set up a Barclays Bank account in your name, so Kriya’s involvement will remain completely anonymous. The catch here is that you will need to process all of your invoices to Kriya going forward, and the qualifying terms and conditions are a little stricter.

Contract invoice finance

You may wish to take out a contract with Kriya to manage all of your invoicing and credit control, releasing funds immediately and reducing administration surrounding your business. This may save you money in the longer term as while you will pay a monthly subscription fee, the percentage fees on your cleared invoices will be reduced.

Business loans

The Kriya website discusses the possibility of a business loan, but does not elaborate upon the terms and conditions of this. Sign up for an account with Kriya, or contact the lender to discuss your options.

However, if we are to assume that the same lending conditions that were offered by MarketFinance still apply, a business that has been trading for at least two years and enjoys a turnover of £500,000 or more will be eligible to borrow between £5,000 and £250,000, repayable for up to three years, through a peer-to-peer business loan.

Asset finance

✗ Not available from Kriya. See best asset finance.

Commercial mortgages

✗ Not available from Kriya. See commercial mortgages.

Business vehicle finance

✗ Not available from Kriya. See business vehicle finance.

Merchant cash advance

✗ Not available from Kriya. See best merchant cash advance.

Business credit cards

✗ Not available from Kriya. See best business credit cards.

Kriya key information

Phone number	0808 169 4200
App downloads	N/A
Website	www.kriya.co
Number of branches	N/A – Kriya is an online business
FSCS protected?	No
Founded	2018 (as MarketFinance)

Key information

Kriya reviews

Review platform	Score	Number of votes
TrustPilot	4.8/5	546
Feefo	Not reviewed	N/A
Reviews.io	Not reviewed	N/A
Smart Money People	Not reviewed	N/A
Which?	Not reviewed	N/A
Average score	4.8/5	546 total votes

Kriya reviews and ratings

Business eligibility criteria

Eligibility for borrowing from Kriya varies depending on what lending stream you are looking for. In all cases, you will need to be a limited company or partnership with a clean credit history. If you are seeking invoice finance, expect the following criteria to apply.

One year of trading and a minimum turnover of £100,000 for standard invoice finance.
Two years of trading and a minimum turnover of £500,000 for confidential invoice finance, though can halve these numbers if you use Kriya credit control.
Two years of trading, a minimum turnover of £300,000, and contracts with businesses that total at least £6,500,000 for ongoing, contracted invoice financing.

For a business loan, you will need to have been trading for two years and have an annual turnover no lower than £500,000.

Business finance alternatives

Kriya specialises in invoice finance for companies that may be declined by other lenders, but is not the only lender in town. If you do not qualify for borrowing from Kriya or wish to compare the offer of this lender with a rival, consider the following competitors.

Bibby Business Finance
Close Brothers
eCapital Factoring
Creative Capital
IGF Commercial Finance
Novuna Business Finance
Pulse Cashflow Finance
Skipton Business Finance
Team Factors
Time Finance Plc

Additional considerations

Kriya is a truly global business, with the payment platform now accepted in 42 countries.

FAQ

I have bad credit – can I still take out invoice finance through Kriya?

Your application is unlikely to be accepted if you have outstanding CCJs, IVAs or bankruptcy orders against your business or a principal director. Historical credit issues may be overlooked, depending on your circumstances, but these will be reflected in your offer when interest is calculated.

How much can I borrow from Kriya?

Lending on an invoice finance basis is capped at 90% of the invoice value. Loans should be available from between £5,000 and £250,000.

How do I apply for finance from Kriya?

Call Kriya on 0808 169 4200 to discuss your needs, or sign up for a quote through the website – in the latter instance, you’ll usually have an answer within minutes.

What fees are associated with borrowing from Kriya?

If you apply for selective invoice financing through Kriya, you’ll pay a fee between 1% and 3% of the total invoice value once the bill is settled. If you apply for regular financing, you’ll pay a flat monthly fee. Interest rates on a loan will depend on the lender – Kriya offers peer-to-peer borrowing, so it really depends on who is willing to work with your business.

Does Kriya set a fixed term for repayments?

Kriya will expect payment of an invoice within the terms and conditions laid out by the document. If your customer does not settle their bill in time, Kriya will as for an update and may request some kind of communication from the debtor to explain the delay.

Will I need to secure borrowing from Kriya against an asset?

Lending on an invoice financing basis through Kriya is an unsecured loan. If you take out a business loan in the name of your business you may be asked to provide a personal guarantee.