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Pipe

Also a provider — view Pipe’s profile →

“Can Pipe become the default embedded working-capital layer for vertical SaaS platforms and payment facilitators serving SMBs globally?”

Founded2019
HQSan Francisco, CA, USA
FoundersHarry Hurst, Josh Mangel, Zain Allarakhia
Total raised$316M+
Latest roundLater Stage VC, ~$30M (per PitchBook)
Valuation$2B (2021)
IndustryInfrastructure / Lending
The story

Founded in 2019 as a recurring-revenue trading platform for SaaS companies, Pipe initially allowed SaaS operators to trade future subscription revenue for upfront capital. After a high-water $2B valuation in 2021 and subsequent leadership changes, Pipe pivoted to an embedded capital-as-a-service model under CEO Luke Voiles, focusing on delivering merchant cash advances (MCAs) to SMBs through vertical SaaS platforms, payment facilitators, and marketplaces. The company repositioned itself as the 'embedded financial OS' for platforms, offloading risk, compliance, and operations to Pipe while generating revenue share for partners on every draw.

Last 12 months
2025-02
2024-06
Product timeline
2019
Founded as 'Third Base Pipe' / 'Pace Financial' by Harry Hurst, Josh Mangel, and Zain Allarakhia.· pivot
2020
Launched SaaS subscription financing platform enabling SaaS companies to convert monthly/quarterly recurring revenue into upfront annual cash.· lending
2021
Raised $300M total in 2021 (including $250M strategic round at $2B valuation); expanded beyond SaaS into telecom, property management, food delivery, and other subscription verticals.· pivot
2024
Pivoted to embedded capital-as-a-service model: partnered with vertical SaaS platforms, payment facilitators, and marketplaces to deliver embedded working capital (merchant cash advance) to SMBs.· pivot
2025
Expanded Pipe Partner Portal with new developer tools to simplify integration of embedded capital products for payment and software platforms.· lending
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
2 layers disclosed in Pipe’s embedded-finance stack
Ledger
Modern Treasury
Lending
in the full report
Accounting gap: none
3 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.