Pipe

What Pipe does

Pipe is a San Francisco-based fintech founded in 2019 that operates an embedded financial operating system for software platforms serving small and medium-sized businesses. Its core product, Pipe Capital, is a merchant cash advance product that underwrites working capital using real-time transaction data from partner platforms rather than credit scores, personal guarantees, or traditional documentation. Repayments flex with the SMB's revenue as a fixed percentage of sales with no monthly minimums. Distribution is exclusively B2B2B through embedded partnerships — Pipe integrates into vertical SaaS platforms (Housecall Pro, Boulevard), payment facilitators (GoCardless), marketplaces, and large consumer platforms (Uber Eats restaurant manager app), with three integration options ranging from zero-code hosted solutions to full API customization and a typical 2-4 week time to launch.

The product portfolio has expanded through acquisitions and product launches: the Pipe Business Card (a Visa-branded charge card issued by First Internet Bank of Indiana with credit limits set at 15-30% of monthly revenue) and Glean.ai (AI-powered spend management acquired in April 2025) sit alongside Capital. The company introduced four AI agents in July 2025 to automate fraud/compliance, payment management, customer engagement, and finance operations. As of late 2025, the platform is live in the US, UK, Canada, and Australia, with approximately 20% of originations occurring outside the United States.

Pipe generates revenue primarily through a flat fee (not interest) on each advance, structured as a percentage of the funded amount, plus interchange revenue shared with partners from the Pipe Business Card. A $225M warehouse facility with Victory Park Capital funds capital originations, while equity funding has totaled approximately $266M across rounds led by Greenspring Associates (2021, $250M at a $2B valuation) and Fin Capital/MaC Venture Capital (2026, $16M). Following a mid-November 2025 workforce reduction of roughly 50% and a CEO transition to Claurelle Rakipovic, Pipe is explicitly prioritizing profitability and operational efficiency over the prior growth-at-all-costs posture.

Name

Pipe

Legal name

Pipe Technologies Inc.

Website

https://pipe.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Pipe is a San Francisco fintech that provides an embedded financial operating system, delivering revenue-based working capital and business cards to SMBs through partner platforms like Uber Eats, GoCardless, Housecall Pro, and Boulevard via white-label API integration.

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Merchant Cash Advance (MCA) Fee Revenue: Pipe offers Merchant Cash Advances where customers sell a portion of their future revenue for up-front capital. Revenue is generated through a single flat fee calculated as a percentage of the advance amount, paid over time as a percentage of revenue. For example, a 10% fee on a $50,000 advance equals $5,000. No compounding interest, no monthly minimum payments, no penalties for slow sales.
2. Revenue Share with Partners: Revenue sharing with embedded platform partners who embed Pipe's capital product. Models often involve a percentage of the funded amount or collected fees. Pipe Business Card offers partners a share of commercial credit interchange.
3. Interchange Revenue (Pipe Business Card): Pipe Business Card is free to use for partners and their merchants. Pipe offers partners a share of commercial credit interchange, which they can choose to share back with merchants as cash back.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Pipe operates an embedded financial operating system that enables vertical SaaS platforms, payment facilitators, and marketplaces to offer working capital merchant cash advances, business cards, and spend management tools to their small business customers directly within their existing workflows. The platform uses a proprietary revenue-based underwriting engine that analyzes real-time transaction data to provide same-day funding with no FICO or personal guarantee requirements. Partners integrate via three modes (Pipe-hosted, Embedded UI, or Capital API) and can launch in 2-4 weeks.

Product overview

Pipe operates as an embedded financial OS platform with a modular architecture. The core offering is Pipe Capital, a merchant cash advance product that provides working capital to SMBs through partner platforms. This is complemented by the Pipe Business Card (a Visa-powered charge card) and the acquired Glean.ai spend management solution. Pipe Capital integrates via three options (Pipe-hosted, Embedded UI, or API) into partner platforms including GoCardless, Uber Eats, Housecall Pro, Boulevard, and Live Payments. The platform serves the US, UK, Canada, with expansion to Australia.

Differentiator

Problem solved

Functional benefit

Brands

• Pipe Capital: Working capital product that provides revenue-based financing to small businesses through embedded partnerships
• Echo Card
• Pipe Business Card

Products and services

• Pipe Capital A merchant cash advance product providing fast, frictionless working capital to small businesses through embedded partnerships. Offers pre-approved advances based on real-time transaction data with flexible payments as a fixed percentage of sales, no monthly minimums, and revenue-based underwriting with no FICO or personal guarantee requirements. Delivered to SMBs via partner platforms (Uber Eats, GoCardless, Housecall Pro, Boulevard, Live Payments).
• Pipe Business Card A pay-in-full Visa-branded business charge card issued through First Internet Bank of Indiana, designed for embedding within partner platforms. Credit limits determined by revenue-based underwriting (15-30% of monthly revenue), with 15-16 days to pay after billing cycle providing up to 46 days of flexibility. Supports mobile wallets. Free to partners and merchants with revenue generated through commercial credit interchange share.
• Pipe Embedded Financial OS The core embedded financial operating system that enables software platforms to offer capital and financial tools to their SMB customers without leaving their existing workflows. Powers financial tools across the world with a single integration via three delivery modes (Pipe-hosted zero-code, Embedded UI, Capital API).
• Glean.ai AI-powered spend management solution acquired by Pipe in April 2025 to provide SMBs with better visibility into their financial operations, addressing the lack of expense transparency. Now part of Pipe's embedded financial solutions suite.
• Purely Capital Entertainment supply-chain financing acquired by Pipe in February 2022, providing immediate revenue advances to content producers and rights owners using proprietary licensing technology. Expands Pipe's offerings into media and entertainment financing.

Quantifiable outcome

• 12% faster month-over-month revenue growth for SMBs after receiving capital
• +10 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered secondary and core.

• Live PaymentssecondaryChannel Partner/ Reseller/ Distributor · 19 November 2025Partnership with Australian payment platform Live Payments to expand Pipe Capital into the Australian market. Announced November 2025 as part of Pipe's international expansion strategy. Live Payments serves Australian SMBs and will embed Pipe's capital product within its platform.
• Uber EatscoreStrategic or Co-development Partner · 10 September 2025Partnership to embed capital access technology directly into the Uber Eats restaurant manager app, allowing eligible restaurants to receive pre-approved funding offers customized based on their revenue and cash flow. Uses AI analysis of six months of anonymous credit card transaction data. Funds typically arrive within 24 hours. Partnership announced September 2025, with Pipe preparing for major rollout across US, UK, Canada, and Australia.
• Glean.aisecondaryStrategic or Co-development Partner · 15 April 2025Pipe acquired Glean.ai, an AI-powered spend management company, in April 2025. The acquisition added spend management features to Pipe's suite of embedded financial solutions for small businesses, addressing the lack of expense transparency and providing SMBs with better visibility into their financial operations.
• Boulevard CapitalcoreStrategic or Co-development Partner · 20 December 2024Boulevard, a client experience platform for self-care businesses (salons, spas, medspas, barbershops), launched Boulevard Capital powered by Pipe in early 2024. Full rollout completed within 30 days after strong pilot results. Over $25 million advanced to hundreds of merchants in the first year. Merchants nearly doubled their average monthly revenue growth rate after accepting capital offers. Pipe provides full embedded capital infrastructure while Boulevard maintains its brand.
• Housecall ProcoreStrategic or Co-development Partner · 19 October 2024Housecall Pro, a platform serving 45,000+ field service professionals (HVAC, plumbing, electrical, cleaning), embedded Pipe's capital product to provide accessible financing to its Pros. Development completed within weeks. Partnership provides fast, frictionless capital access for Pros to invest in marketing, equipment, and payroll without traditional financing barriers.
• GoCardlesscoreStrategic or Co-development Partner · 17 October 2024GoCardless embedded Pipe's capital product into its UK platform for tens of thousands of small businesses. Launched via Pipe-hosted solution in under six weeks. Achieved attach rates 2x higher than Pipe benchmark and NPS score of 88. Nearly £7 million advanced to GoCardless customers in first three months. GoCardless transitioning to embedded UI for more seamless experience. Capital products provided by Pipe Technologies UK Limited.
• Purely CapitalsecondaryStrategic or Co-development Partner · 23 February 2022Pipe acquired London-based entertainment supply-chain financier Purely Capital in February 2022 to expand services into media and entertainment financing. The deal enabled Pipe to leverage Purely Capital's licensing technology and provide immediate revenue advances to content producers and rights owners.
• First Internet Bank of IndianasecondaryTechnology or IntegrationFirst Internet Bank of Indiana, Member FDIC, issues Pipe Business Cards pursuant to a Visa license. Pipe provides the capital and takes on underwriting risk while the bank provides the banking charter and card infrastructure. Banking services for Pipe's customers are provided by First Internet Bank.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Stripe Capital: Stripe Capital provides embedded working-capital advances to SMBs using Stripe payment volume as the underwriting signal — directly analogous to Pipe's partner-platform data approach and the closest direct competitor in embedded SMB financing.
• Parafin: Parafin embeds capital and card products inside vertical SaaS platforms and marketplaces on a revenue-share basis, mirroring Pipe's embedded OS model with a similar integration-as-a-service go-to-market.
• Shopify Capital: Shopify Capital offers merchant cash advances to Shopify merchants based on store performance — the canonical example of a large platform monetizing its SMB data via embedded working capital, and a key reference customer/competitor for Pipe.
• Onramp Funds: Onramp Funds embeds working capital and BNPL for B2B transactions directly into SaaS platforms and agencies, closely matching Pipe's revenue-based, no-FICO approach to platform-distributed SMB financing.
• Resolve AI: Resolve combines B2B payments with embedded net-terms financing for SMBs and mid-market buyers, using transaction data to underwrite — an adjacent but materially comparable model in the embedded-finance-for-platforms category.
• Clearco: Clearco provides revenue-based financing to SMBs and e-commerce merchants using sales data rather than credit scores — a directly comparable non-FICO underwriting model and target customer base to Pipe's.
• Fora Financial: Fora Financial is a direct MCA provider serving SMBs with working-capital advances — comparable underlying product (merchant cash advance) to Pipe Capital, distributed through direct rather than embedded channels.

Broad incumbents

• Block (Square Capital): Square Capital extends loans and cash advances to SMBs using Square payments data, originating from within a much broader payments, banking, and software ecosystem — a large incumbent analog of Pipe's platform-embedded underwriting thesis.
• BlueVine: BlueVine is an established SMB banking and lending platform offering lines of credit, term loans, and invoice factoring to small businesses — a broader incumbent in the SMB working-capital category Pipe addresses via embedded channels.
• Kapitus: Kapitus is an alternative SMB lender providing working capital, MCA, and small business loans — comparable end-customer segment and product set, though delivered through direct channels rather than embedded platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/pipe
• LinkedInlinkedin.com/company/pipetechnologies
• Facebookfacebook.com/growonyourterms

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds12 records

Investors60 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pipe