When MarketInvoice (as it was then known) launched in 2011, it became the UK’s first online-only invoice finance provider. It’s grown to become one of the largest invoice finance providers in Europe, having now funded billions of pounds worth of invoices.
It’s a peer-to-peer (P2P) lender and member of the Peer-to-Peer Finance Association, with both public and private investors.
The platform rebranded in November 2019 and now provides a quick, simple application process and a range of invoice finance arrangements to choose from. You can choose to pay a fixed monthly fee or work with the company on a pay-as-you-go basis. In the future, Kriya has stated it is also planning to offer traditional business loans of up to £500,000 paid over 12 months.
Use the fields above to estimate business loan costs.
| Minimum trading period | 1 year |
|---|---|
| Loan terms | Terms not specified |
| Loan amounts | Loan amount not specified |
| Minimum turnover | £100,000 |
Fees are charged as a percentage of the amount borrowed. These percentages are dependent on a number of factors, including the size of your business, expected payment date, the amount of trades performed on the website and the type of loan you sign up for.
You can expect fees to total between 1% to 3% of your invoice values. You’ll be offered a quote before each transaction (pay-as-you-go) or before signing up to a contract (confidential).
If you sign up for a 12-month subscription, you’ll pay a flat monthly fee, plus a smaller percentage of your invoices. This is likely to save you money if you’re planning to use the service regularly.
Here are some of the features that Kriya has added to make securing business finance fast and effective.
| Minimum turnover | £100,000 |
|---|---|
| Minimum trading requirement | 1 year |
| Business types | Limited Company,Limited Liability Partnership |
| Geography | UK-based |
| Additional eligibility info | Must not have any form of insolvency notice or proceedings against the business. Must not have a principal owner/director that is disqualified, bankrupt or subject to other form of personal insolvency. |
To be eligible for selective invoice finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of at least £100,000.
To be eligible for confidential invoice finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of least £500,000 (or £250,000 with credit control). You’ll need to provide two years of trading history (or one year with credit control) and use one of the accounting software brands supported by Kriya.
To be eligible for contract finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of least £300,000. You’ll need to provide 2 years of trading history and you’ll need to have contracts with UK companies with minimum turnover of £6.5 million p.a. or non-UK companies with minimum turnover of £50 million p.a.
| Loan type | Fixed rate Unsecured Peer-to-peer loan |
|---|---|
| Credit limits | No specified loan amounts |
| Loan rate type | Fixed |
| Funding speed | You could get up to 90% of your invoice funded within 24 hours. |
| Personal guarantee | A personal guarantee may be required |
| Repayment holiday | |
| Arrangement fee |
As well as being confident you can meet the repayment schedule, you’ll need to meet the following criteria in order to be considered:
| Minimum turnover | £50,000 |
|---|---|
| Minimum trading requirement | 2 years |
| Business types | Limited Company,Limited Liability Partnership,Public Limited Company |
| Geography | UK-based |
Invoice financing is likely to be a suitable option for businesses that invoice their clients with long payment terms and need a smooth cashflow.
It’s commonly used by companies in the transport, construction, recruitment and marketing industries, as well those involved in exporting and distributing goods.
However, it’s likely to not be the only form of business finance available to you.
Kriya has received positive reviews from its customers, according to customer review sites like TrustPilot and Google Reviews.
It currently has a TrustPilot rating of 4.5 out of 5, based on 549 reviews (updated May 2024). Those Kriya customers who rated the P2P lender below average complained of the “lack” or “slow” communication they received. On the flip side to this, 85% of reviewers who rated the lender the full 5 stars, stated that the service is “quick, efficient and reliable”.
For any queries regarding your business loan, you can fill out an online form found on the Kriya website or you call customer support on +44 (0)808 169 4200.
Kriya changed the game when it became the UK’s first online invoice finance service. It’s faster and more flexible than its brick-and-mortar based competitors, and offers competitive fees. If you’re looking for a simple and quick invoice finance service, this company is worth a look.
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