Kriya business loan (formerly MarketFinance loans) 2024 review
As well as offering straightforward but flexible business loans, Kriya can help companies free-up money in unpaid invoices for fast and simple access to working capital.
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.
Quick overview of Kriya business loans
Minimum trading period
1 year
Loan terms
Terms not specified
Loan amounts
Loan amount not specified
Minimum turnover
£100,000
Kriya invoice financing options
Selective invoice discounting. You upload specific unpaid invoices you want to borrow against onto the Kriya website. The lender aims to verify your invoice and pay you 90% of its value (minus a fee) within 24 hours. You receive the rest of the payment after your invoice has cleared.
Confidential invoice discounting. This option allows you to borrow against all your unpaid invoices automatically. You’ll need to allow Kriya to connect to your accounting software and complete due diligence on your company. If deemed eligible for this option, Kriya will set up a Barclays business bank account on your behalf. Going forward, you would need to tell the clients you invoice to pay into this bank account. Kriya will also deposit funds there, based on the invoice information given in your accounting software.
Contract finance. This allows you to borrow against the value of future revenue from contracts/retainers.
What fees will I pay?
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.
Key features of Kriya invoice financing at a glance
Here are some of the features that Kriya has added to make securing business finance fast and effective.
Release up to of the capital in invoices within 24 hours.
Easy-to-use online account management.
Choose between pay-as-you-go or monthly payment options.
Automatic payments via confidential invoice discounting service.
Credit insurance to protect you against clients failing to pay.
Credit control services allowing you to optimise your sales ledger performance.
Telephone and email support during business hours.
Am I eligible for Kriya invoice finance?
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.
Kriya business loans
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.
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.
If you’re only looking to borrow a small amount of money on a regular basis, a business credit card could prove more suitable.
If you’re after flexible access to emergency funds for working capital, you may be better suited to a business line of credit or an overdraft on your business bank account (but check the charges for this final option, because they can be extortionate).
If your revenue comes from card transactions, a merchant cash advance lets you borrow a lump sum upfront for a flat fee, then make repayments as a small percentage of future card transactions. The advantage of this is that if business is slow, you repay more slowly, and if business is good, you repay faster – either way, the overall cost is the same.
Kriya customer reviews
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”.
Customer support
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.
The bottom line
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.
Frequently asked questions
Invoice financing is not currently regulated by the Financial Conduct Authority (FCA), but Kriya is signed up to the Peer-to-Peer Finance Association (P2PFA), which requires its members to adhere to a set of rules to promote good practice and to protect consumers.
Kriya has partnered with household names like Barclays, and the Government’s British Business Bank has even funded businesses through the platform.
There’s usually a two-week buffer, after which Kriya will email asking for an update. Where your customer has informed you of a delay, you’ll need to show evidence of this, and may be able to request an extension. You’ll have the option to repurchase the debt or propose a repayment plan. Failing these steps, you’ll be obliged to repurchase the debt, and Kriya may use funds in your trust account towards this.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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