Pipe
Series C+Raised Since FeaturedEmbedded finance for SMBs
Embedded capital and spend management platform that powers financial products inside the software small businesses already use.
About
Pipe is an embedded finance platform that enables software providers to offer capital advances and spend management tools directly within their platforms, reaching the small and medium-sized businesses that traditional financial institutions underserve. Rather than operating as a standalone lending destination, Pipe partners with software companies like Uber Eats, GoCardless, Housecall Pro, and Boulevard to embed working capital products where business owners already work. Founded in 2019 by Harry Hurst, Josh Mangel, and Zain Allarakhia, Pipe initially launched as a 'Nasdaq for revenue' โ a trading platform where SaaS companies could sell their recurring revenue streams to institutional investors for upfront capital without dilution. After raising $316M+ at a peak $2B valuation, the company pivoted under new CEO Luke Voiles (ex-Square Banking) to become a full-stack embedded finance provider. In April 2025, Pipe acquired Glean.ai to add AI-powered spend management to its suite, becoming the first embedded finance company to combine capital access and spend management for SMBs. As of late 2025, Pipe has originated over 14,000 advances totaling $250M+ across the US, UK, Canada, and Australia, with 60% of businesses returning for repeat advances.
DailyDropout Take
Pipe caught our attention as a bold reimagining of startup financing โ a 'Nasdaq for revenue' that let SaaS companies trade their recurring revenue for upfront capital without giving up equity. While the original model hit turbulence and the founding team departed, the company's pivot to embedded finance under new leadership from Square shows resilience. With $250M+ in advances originated and partners like Uber Eats and GoCardless, Pipe is carving out a real niche as the financial infrastructure layer for SMB software platforms.
Discovery signal: Novel revenue-based financing model, explosive early growth ($2B valuation in under 2 years), strategic investors including Shopify, HubSpot, and Slack signaling platform potential.
What Makes Them Unique
Pipe is the first embedded finance company to combine capital advances and AI-powered spend management (via Glean.ai acquisition) for SMBs, delivered through software partners rather than as a standalone product โ reaching businesses where they already work.
14,000+
Advances Originated
$250M+
Capital Deployed
~60%
Repeat Rate
80+
NPS Score
$2B
Peak Valuation
Target Markets
Founders
Harry Hurst
Co-Founder
Co-founded Pipe in 2019 to help SaaS companies access capital without dilution. Previously an entrepreneur in the hospitality tech space. Transitioned to Vice Chairman and later Advisory role after stepping down as Co-CEO in 2022.
Josh Mangel
Co-Founder & Executive Chairman
Co-founded Pipe and served as Co-CEO. Briefly served as sole CEO during the leadership transition before moving to Executive Chairman. Retained board position.
Zain Allarakhia
Co-Founder & Senior Advisor
Co-founded Pipe and led product development. Transitioned to Senior Advisor role while remaining on the board of directors.
Key People
Previously: Appointed November 2025
Pipe is hiring!
Team size: ~100
Funding History
Lead: Craft Ventures
Lead: Fin Capital
Lead: Greenspring Associates
Valuation: $2B
Lead: Greenspring Associates
Lead: Undisclosed
Investors
Firms
Press & News
This Pipe-ing hot startup just raised $50M to be the 'Nasdaq for revenue'
More funding flows into Pipe, as buzzy fintech raises $250M at a $2B valuation
Pipe has a new CEO from Block, months after founding team announces departure
Pipe Acquires Glean.ai to Add Spend Management to Suite of Embedded Financial Solutions