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Pipe

“Can an embedded capital-as-a-service platform become the default working capital layer for vertical SaaS and payment facilitator platforms serving SMBs globally?”

Founded2019
HQSan Francisco, California, USA
FoundersHarry Hurst, Josh Mangel, Zain Allarakhia
Total raised$748.1M
Latest roundDebt Financing (Jun 2023, per Crunchbase)
Valuation$2B post-money (2021)
IndustryInfrastructure / Lending
The story

Founded in 2019 as a trading platform for SaaS recurring revenue, Pipe's initial model let SaaS companies sell annual contracts at a discount to institutional buyers. After rapid growth to $2B valuation in 2021, Pipe pivoted away from the pure marketplace model toward embedded capital-as-a-service for software platforms and payment facilitators. The company now operates as an embedded financial OS, offering merchant cash advances and working capital products that vertical SaaS platforms and payfacs can white-label into their own products, competing directly with Parafin, Capchase, and Liberis.

Last 12 months
2024-10
Product timeline
2019
Founded by Harry Hurst, Josh Mangel, and Zain Allarakhia in Miami as a subscription financing platform for SaaS companies.· pivot
2020
Launched Pipe's SaaS platform in February 2020, enabling SaaS companies to convert monthly/quarterly recurring revenue into upfront annual cash.· lending
2021
Raised $300M in 2021 (including a $250M strategic round at $2B valuation); expanded beyond SaaS into telco, property management, food delivery, and other recurring revenue verticals.· lending
2022
Pivot toward embedded capital-as-a-service model for software platforms; launched merchant cash advance (MCA) product alongside existing revenue-based financing.· pivot
2024
Announced strategic GoCardless partnership for UK market expansion, making Pipe's embedded capital available through GoCardless's platform for UK SMBs.· lending
2024
Achieved SOC 2 Type II compliance, reinforcing Pipe's positioning as a trusted embedded finance partner.· banking
Regulated entities
Foreign company registration
Australia
Pipe Advance NZ LLC
Subsidiary
UK
Pipe Technologies UK Limited
In the press
embeddedfinancereview.com ↗
Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2025-09-11
Uber Eats Partners with Pipe for Restaurant Capital Access
Uber Eats launches embedded lending with Pipe, offering restaurants capital through AI-powered approval process. Follows trend across food delivery platforms.
pipe
Source · Embedded Finance Review ↗
◇ article2024-10-27
Pipe launches embedded card offering
US lending provider Pipe launches embedded business card for software companies, shifting from revenue-based financing. Why UK expansion with GoCardless signals transformation.
pipe
Source · Embedded Finance Review ↗
The stack
Ledger
Modern Treasury
Lending
Pipe CapitalMerchant Cash Advance (MCA)Working Capital Advance
Accounting gap: significant