Kriya and Mangopay Join Forces to Enhance B2B Payments

U.K.-based B2B FinTech firm Kriya (formerly MarketFinance) has announced a partnership with EU-based platform-specific payment infrastructure provider Mangopay.

The partnership between Mangopay and Kriya will benefit both business customers and platforms, the companies said in a Thursday (Sept. 7) blog post, by giving B2B marketplaces and platforms access to a seamless checkout experience that supports their preferred payment methods and offers flexible terms and upfront payment with zero risk.

“B2B eCommerce is growing rapidly, with many marketplaces and merchants needing a new suite of payment and credit options to let their business flow,” Anil Stocker, CEO and co-founder at Kriya, said.

That’s the gap that this collaboration is expected to fill, he noted, adding that the deal is “a great example of two leading FinTechs working together to better serve B2B marketplaces by offering them frictionless access to payment options.”

The partnership will also offer immediate payment options, deferred payment collections, fund disbursement to vendors, and management of marketplace operator commissions. Through Kriya, business buyers will have the option to purchase goods and pay within 90 days, while sellers will receive payment upon the shipment of goods. This payment method becomes a valuable tool for managing cash flow for both sellers and business buyers.

In an interview with PYMNTS earlier this year, Stocker discussed how a lack of digitalization, lack of choice as well as complexities associated with B2B payments processes have created an opportunity for players like Kriya to elevate the checkout experience for European B2B merchants with embedded finance.

“We’ve integrated 10 B2B marketplaces into our platform so far, from food and drink and distribution to logistics and construction,” Stocker noted. “And we’re seeing very fast adoption by buyers who are choosing to pay with Kriya, all with a single click at checkout.”

He also pointed to the opportunity with larger, more incumbent traditional wholesalers, who were previously selling in stores or via call centers and are now having to move operations into the digital age.

“That offline-to-online journey will continue to be a big trend moving forward,” he said.