With the Kriya acquisition, Allica is targeting advancing an initial £1bn of working capital finance to SMEs over the next three years.

The move also supports Allica's aim to dominate 10% of the established SME finance market by the end of 2028.

Kriya is Allica's third acquisition, following the purchase and integration of AIB's GB SME lending customers in 2021 and bridging finance specialist Tuscan Capital in 2024.

Since launching in 2011, Kriya (formerly known as MarketInvoice and MarketFinance) has processed over £4bn in invoice finance, SME loans and embedded finance.

Kriya will continue to operate under its own brand, with CEO and co-founder Anil Stocker (pictured above, left) continuing to lead the business and all Kriya employees joining Allica as part of the transaction.

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Richard Davies, CEO at Allica Bank (pictured above, right), said: "For too long SMEs have struggled to access the flexible finance they need as the high street banks have retrenched. Allica is building something different — a better way to serve Britain’s established SMEs.

"Kriya has built an impressive business over more than a decade, and Anil and his team share our belief that SME finance needs reinventing, and that together we can offer something the market desperately needs.

"Our ambition is clear. We plan to lend £1bn of working capital finance to SMEs over the next three years. This is our third acquisition but our first in the embedded payments space and it aligns well with our future potential international expansion.”

Anil commented: “Combining forces with Allica gives us the right platform to scale what we've built.

“We share the same DNA — a genuine commitment to reinventing SME finance and competing with the big banks who've walked away from the SME market.

"I'm excited about what we can achieve together, especially with our embedded finance offering, which we’re looking to roll out across Europe soon.

“Our customers will continue to get the same service and support from Kriya, but now with the backing and reach of one of the UK's fastest growing banks."