Allica Bank has swooped to acquire Kriya, the SME lending FinTech specialising in SME working capital and embedded finance.

The SME credit and payments firm was formerly known as MarketInvoice and MarketFinance. The acquisition will see Allica move into the embedded payments market for the first time.

Since first opening its doors to lending in 2020, Allica’s impressive growth means its total outstanding lending to SMEs has now reached £3.5 billion.

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